There will be more Certificates of Entitlement
(COEs) for the February-April quota period.
The Land Transport Authority announced yesterday that
there will be on average 8,795 COEs available each month during the
period, up 8.9 per cent.
For car buyers and sellers, the increase is slightly
sharper at 11.6 per cent, with the number of COEs (including for
the Open category) available per month rising from 6,973 to
7,781.
The increased supply comes on the back of more vehicles
being taken off the road in the preceding three months.
Market observers expect the added supply, coupled with
a weakening economy, to send premiums south.
COE premiums ended mostly lower in the latest tender on
Wednesday, despite expectations of higher demand from the recently
ended Singapore Motorshow.
The COE price for cars up to 1,600cc and 130bhp inched
upwards by 1.6 per cent to finish at $50,889, while those for cars
above 1,600cc or 130bhp ended at $52,807, a dip of 0.6 per cent
from the previous close.
The premium for the Open category, which can be used
for any vehicle type but ends up mostly being used for bigger cars,
was 0.8 per cent lower at $52,600.
Industry players said fears of an economic slowdown and
more job losses this year may have dampened the buying fervour that
usually follows a motor show.
Organisers said more than 47,000 people flocked to the
Singapore Motorshow 2017, which ended on Sunday at Suntec
Convention Centre. - THE STRAITS
TIMES