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From February to April, there will be a small 2% increase in the number of permits for residence (COE) issued. This is in stark contrast to the 27% increase in the November 2023 to January 2024 quarter.
More information about OMY: The Land Transport Authority will expand the COE quota for the next quarter starting in November.
According to the Land Transport Authority (LTA), a total of 14,707 COEs will be made available during the period, with increasing allocations for Categories A, B and C.
The quota for goods vehicles and buses (Category C) will be increased by 4%, providing 1,170 COEs.
COEs for the B class (including large cars) were 3,895 units, up 3% from the previous quarter. COEs for the A class, small mass-market cars, were 5,609 units, up 2%.
The authorities will also cancel the five-year non-renewable Category D COE early.
“The quota for Category A, B and C COEs will continue to increase in 2024 and reach peak supply in 2026, while the Category D quota in 2024 is expected to remain the same as in 2023,” said the Land Transport Authority.
Bidding for COEs under this new quota is expected to begin on February 5, with quotas for the May-July 2024 bidding period to be announced in April.
Following a sharp decline, COE prices rebounded on January 17, reaching their highest level in nearly two years at the time of the last survey.
The contingent-owned equipment quota consists of three parts: 25 per cent of replacement contingent-owned equipment for vehicles written off between January and December 2023, an annual increase of 0.25 per cent for category C vehicles based on the vehicle inventory as of December 31, 2023, and adjustments based on changes in the taxi inventory, expiration of contingent-owned equipment, the early commercial vehicle rotation programme and the reallocation of guaranteed deregistrations for categories A, B and D vehicles.
More information about OMY: Best Car Loans in Singapore
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