SINGAPORE: In recent developments, the Certificate of Entitlement (COE) premiums have shown a downward trend in the latest bidding exercise, while the weather forecast indicates rain is likely to return this week.
COE Premiums Drop Across Categories
In the bidding exercise held on 4 February 2024, premiums in all categories fell. For Category A vehicles, comprising cars with engines 1,600cc and below, the premium closed at S$106,320, down from S$109,501 in the last round. Similarly, premiums for Category B, encompassing larger cars, decreased to S$110,890 from S$121,634.
- Commercial vehicles dropped to S$74,801 from S$75,202.
- Motorcycle premiums closed at S$8,289, down from S$8,860.
- Open category COEs saw a decrease as well, closing at S$116,000 from S$120,891.
A total of 4,475 bids were submitted, while the available quota stood at 3,191 COEs. This marks the first exercise of the February to April period, with an overall COE supply decreasing slightly from the previous quarter, as announced by the Land Transport Authority.
Rainy Days Ahead
On the weather front, the Meteorological Service Singapore reported that rain is expected to make a comeback in the second half of this week. Thundery showers are forecast for parts of the island during the afternoons, and may last into the evenings on certain days.
For February, the average expected rainfall is anticipated to be near normal, with daily maximum temperatures ranging between 32 to 34 degrees Celsius. The previous fortnight saw relatively drier weather, punctuated by brief showers.
Fire Incident Adds to Air Quality Concerns
Recent weather patterns coincided with smoke haze observed by residents due to a peatland fire in Kota Tinggi, which affected approximately 99.54 hectares. Fortunately, reports indicate that the fire, which started on 23 January, was under control by 29 January, and smoke did not reach Singapore’s airspace.
As of Monday afternoon, Singapore’s air quality remained stable with PM2.5 readings within the normal range.