COE price surge driven by local buyers, not PHCs: Chee

Singapore residents have consistently made up the majority of successful bids, he said.

The recent spike in Certificate of Entitlement (COE) prices in Singapore is largely attributed to strong demand from local individual buyers, rather than private-hire car (PHC) companies or foreign buyers, according to Transposrt Minister Chee Hong Tat.

In parliament on 12 November, Chee also pointed out that the Prevailing Quota Premiums (PQP), the average COE price over the past three months, which vehicle owners pay to renew their COEs, have dropped across all vehicle categories, by about 4% to 21% over the past year.

Presenting data on successful COE bids from 2022 to October 2024, he highlighted that Singapore residents have consistently made up the majority of successful bids, with their share rising from 66% in 2022 to 84% as of October 2024.

In comparison, foreign bidders' share has decreased from 3% to 2%, and car leasing companies’ share has fallen from 26% in 2022 to 10% in 2024.

"Demand for COE from car leasing companies can vary quite a bit from quarter to quarter, and from year to year. It is difficult to ascertain upfront the quota required to meet the needs of point-to-point drivers and commuters," said Chee.

"On the other hand, if we under-estimated the quota to be moved to the separate category for PHCs, it would lead to insufficient PHC supply which would in turn cause an increase in PHC prices and reduce accessibility for point-to-point commuters," he added. "These are the difficult trade-offs and it is not a straightforward exercise."

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