COE Open Bidding System To Replace Closed Bidding System
From April 2002, the Certificate of Entitlement (COE) Open Bidding
System will fully replace the Closed Bidding System. The last
closed bidding exercise for COEs will be in March 2002, from 1
March to 7 March 2002.
The Open Bidding System was developed in response to the
recommendation of the Government Parliamentary Committee (GPC) of
Communications in 1999 that such a system would provide a greater
degree of transparency and better access to real time information
for car buyers during the bidding exercise.
Under the Open Bidding System, two tender exercises will be held
each month on alternate fortnights:
The first exercise will start on the first Monday of the month at
9.00 am and end two days later on Wednesday at 4.00pm;
The second exercise will start on the third Monday of the month at
9.00 am and end two days later on Wednesday at 4.00pm.
If a public holiday falls within the three-day bidding exercise,
the bidding period would be extended accordingly. The monthly quota
for each category will be divided equally for each exercise.
COE Open Bidding System
The COE Open Bidding System has provided a greater degree of
transparency to the COE bidding exercise, by offering bidders
better access to information on the prevailing bidding situation
during the bidding process. The system has been implemented as a
trial for more than six months since its launch in June 2001.
During this trial period, the closed bidding exercise and the open
bidding exercise were held on alternate fortnights.
The trial has allowed the Land Transport Authority (LTA) to test
the COE Open Bidding System in a "live" setting, assess users
behaviour and the possible impact on the system. Based on the last
seven open bidding exercises, the COE Open Bidding System has
proven to be robust, reliable, safe and secure. The LTA has also
received feedback that the COE Open Bidding System is easy to use
and provides useful information during the bidding process. The COE
Open Bidding System has also resulted in less volatility in COE
prices.
The LTA has therefore decided to replace the COE Closed Bidding
System with the COE Open Bidding System.
The system of having two tender exercises a month will be retained
as this gives bidders a shorter wait between bidding
exercises.
Click here for the latest COE prices. For information on how to bid
for a COE using the COE Open Bidding System, members of public can
refer to the web-based user guide on www.lta.gov.sg or request for
a copy of the instructional handbook by phoning 1800-CALL LTA
(1800-225 5582). A copy of the handbook is also available from our
customer service counters at 10 Sin Ming Drive.
Background
The Ministry of Transport (then Ministry of Communications) formed
a Task Force in 1999 to look into the setting up and implementation
of the COE Open Bidding trial. An LTA Working Group was also formed
to work out the detailed mechanics and to manage the tenders and
contracts for the setting up of the system.
In November 1999, the contract for the design and development of
the on-line bidding system was awarded to Stratech Systems Pte Ltd.
The first open bidding exercise was conducted in June 2001.
Under the COE Open Bidding System, bidders are able submit their
bid for a COE, monitor the Current COE Price, enquire about their
bid and revise the reserve price for their bids. The system
provides bidders with real time information during the bidding
exercise so that they could check the Current COE Price and use it
as a reference when they submit or revise their bid.
In addition, bidders are able to make use of the following multiple
channels to submit, enquire and revise their bids:
Access Channels
Submit Bid
Revise Bid
Enquire Bid
DBS ATM
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Citibank Internet Banking
www.citibank.com.sg
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Citibank Phone Banking
Tel: 1800 883-1118
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OCBC Phone Banking
Tel: 1800 363 3333
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LTA Open Bidding Phone System
Tel: 362 1465
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LTA Open Bidding Website
http://ocoe.lta.gov.sg
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Upon submitting a bid, the bidder is required to pay a bid deposit.
This is set at $200 for the motorcycle category (Category D) and
$10,000 for all other vehicle categories. In addition, an
administrative fee of $2 per bid is charged for each transaction
submission of bid or revision of reserve price.
