Read a summary of this article on FAST.
FAST
SINGAPORE: Certificate of Entitlement (COE) premiums closed mostly higher on Wednesday (Feb 19), hours after the Land Transport Authority (LTA) announced a three-year lock-in period for all new business-owned private-hire cars.
For Category A cars, or those 1,600cc and below with horsepower not exceeding 130bhp, premiums closed at S$92,850 (US$69,184), up from S$85,000 in the last exercise.
Premiums for larger and more powerful cars in Category B fell to S$109,598 from S$111,104.
COEs for commercial vehicles, which include goods vehicles and buses, increased to S$65,189 from S$62,506 in the previous bidding exercise.
Motorcycle premiums closed at S$8,791, up from S$8,289.
Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, remained flat at S$110,002 compared to last exercise's S$110,000.
A total of 4,867 bids were received, with a quota of 2,874 COEs available.
The latest COE results came after LTA earlier on Wednesday imposed a mandatory three-year lock-in period on all newly registered or converted chauffeured private-hire cars that are owned by businesses, and all such vehicles that are transferred from individuals to businesses.
LTA had originally intended to announce the new requirement after this latest COE bidding exercise. But it brought forward the announcement due to an “unintended release of information” by its vendor NCS, which resulted in some industry players knowing of this new lock-in period before the planned announcement date.
“To ensure transparency and fairness for all stakeholders, LTA has decided to bring forward the implementation of this new policy to Feb 19, before the close of the COE bidding process,” it said.
The new rule ensures that businesses that acquire such private-hire cars do so predominantly for the purpose of leasing them to drivers who provide ride-hail services, LTA added.
It also prevents the premature conversion of such vehicles out of the chauffeured private-hire car scheme, which will affect the supply of vehicles available for point-to-point services.
In November last year, Transport Minister Chee Hong Tat said in parliament that the main driver for the increase in COE prices in recent quarters was likely due to strong demand from local individual buyers, and not foreigners or car leasing companies.
Source: CNA/ec(mp)
Stay updated with notifications for breaking news and our best stories
Download here
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Join here
Continue reading...
FAST
SINGAPORE: Certificate of Entitlement (COE) premiums closed mostly higher on Wednesday (Feb 19), hours after the Land Transport Authority (LTA) announced a three-year lock-in period for all new business-owned private-hire cars.
For Category A cars, or those 1,600cc and below with horsepower not exceeding 130bhp, premiums closed at S$92,850 (US$69,184), up from S$85,000 in the last exercise.
Premiums for larger and more powerful cars in Category B fell to S$109,598 from S$111,104.
COEs for commercial vehicles, which include goods vehicles and buses, increased to S$65,189 from S$62,506 in the previous bidding exercise.
Motorcycle premiums closed at S$8,791, up from S$8,289.
Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, remained flat at S$110,002 compared to last exercise's S$110,000.
A total of 4,867 bids were received, with a quota of 2,874 COEs available.
The latest COE results came after LTA earlier on Wednesday imposed a mandatory three-year lock-in period on all newly registered or converted chauffeured private-hire cars that are owned by businesses, and all such vehicles that are transferred from individuals to businesses.
LTA had originally intended to announce the new requirement after this latest COE bidding exercise. But it brought forward the announcement due to an “unintended release of information” by its vendor NCS, which resulted in some industry players knowing of this new lock-in period before the planned announcement date.
“To ensure transparency and fairness for all stakeholders, LTA has decided to bring forward the implementation of this new policy to Feb 19, before the close of the COE bidding process,” it said.
The new rule ensures that businesses that acquire such private-hire cars do so predominantly for the purpose of leasing them to drivers who provide ride-hail services, LTA added.
It also prevents the premature conversion of such vehicles out of the chauffeured private-hire car scheme, which will affect the supply of vehicles available for point-to-point services.
In November last year, Transport Minister Chee Hong Tat said in parliament that the main driver for the increase in COE prices in recent quarters was likely due to strong demand from local individual buyers, and not foreigners or car leasing companies.
Source: CNA/ec(mp)
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Download here
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Join here
Continue reading...