Singapore. The Certificate of Entitlement premiums closed higher in the 22 February bidding exercise. Open Category premium hit a new record as it closed at S$118,001. This category can be used for any vehicle type but is usually for large cars.
More from OMY: Singapore COE premiums for larger cars and open category speed towards S$100,000
In the last bidding exercise, open category premiums settled at S$105,002. Its highest record so far was last November when it reached S$116,557.
Meanwhile, COEs for Category C of commercial vehicles hit a new high of S$87,790, Category A cars closed at S$86,556, Category B cars settled at S$115,001, and motorcycle premiums closed at S$12,189.
In this bidding exercise, 2,491 bids were received, with 1,602 COEs available.
The last bidding exercise was also the first time the additional registration fee registration and preferential ARF took effect.
Under this change, owners of expensive high-end cars will end up paying more for their vehicles. Cars with an OMW of more than S$80,000 will have a 320% ARF rate, up from 220%.
For vehicles with an OMW above S$40,000 to S$60,000 the new ARF rate is 190%. Finally, vehicles with OMV of over S$60,000 but less than S$80,000 will have a 250% ARF rate.
Preferential rebates for ARF are now capped at S$60,000.
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