Certificate of entitlement (COE) premiums for motorcycles hit a record high at the latest bidding exercise yesterday.
Motorcycle COEs closed at $7,483 - up 10 per cent from $6,801 at the bidding last month - surpassing the previous high of $6,889 in January last year.
Mr Norman Lee, honorary general secretary of the Singapore Motorcycle Trade Association, said that the increase was due to both personal demand and demand from businesses.
Despite the recent introduction of the tiered Additional Registration Fee (ARF) for motorcycles, demand for higher capacity motorcycles was not dampened, he added.
Mr Lee added that while quantums are likely to stay high for the next few months, they should dip after May.
Motorcycle COEs will no longer make up 10 per cent of the Open category, so there will be more motorcycle COEs available then.
Experts noted that premiums could go up even more.
This article by The Straits Times was published in The New Paper, a free newspaper published by Singapore Press Holdings.