COE deposit back to $10k
Sep 1, 2010
By Christopher Tan
THE deposit for certificate of entitlement (COE) bids will revert to $10,000 from October - from the $5,000 granted as a one-year relief for businesses. --ST PHOTO: WANG HUI FEN
THE deposit for certificate of entitlement (COE) bids will revert to $10,000 from October - from the $5,000 granted as a one-year relief for businesses.
The Land Transport Authority on Wednesday said the $5,000 sum was a temporary measure, announced last August 'to help businesses and prospective vehicle owners during the economic downturn'.
It reiterated that the bid deposit is meant to deter frivolous or speculative bids, which can deny genuine bidders from getting a COE.
The $10,000 bid deposit will apply from the first COE bidding exercise from Oct 4.
The categories affected are for cars of 1,600 cc and below and taxis, cars above 1,601 cc and above, goods vehicles and buses and open category.
The bid deposit for motorcycles is unaffected by the changes as it is merely $200.
Motor traders do not think the news will dampen premiums in the coming tender exercises.
'I think premiums will rise a bit, but a strong rebound is unlikely,' said Mr Ron Lim, general manager of Nissan agent Tan Chong, adding that the market has remained generally weak.
Sep 1, 2010
By Christopher Tan
THE deposit for certificate of entitlement (COE) bids will revert to $10,000 from October - from the $5,000 granted as a one-year relief for businesses. --ST PHOTO: WANG HUI FEN
THE deposit for certificate of entitlement (COE) bids will revert to $10,000 from October - from the $5,000 granted as a one-year relief for businesses.
The Land Transport Authority on Wednesday said the $5,000 sum was a temporary measure, announced last August 'to help businesses and prospective vehicle owners during the economic downturn'.
It reiterated that the bid deposit is meant to deter frivolous or speculative bids, which can deny genuine bidders from getting a COE.
The $10,000 bid deposit will apply from the first COE bidding exercise from Oct 4.
The categories affected are for cars of 1,600 cc and below and taxis, cars above 1,601 cc and above, goods vehicles and buses and open category.
The bid deposit for motorcycles is unaffected by the changes as it is merely $200.
Motor traders do not think the news will dampen premiums in the coming tender exercises.
'I think premiums will rise a bit, but a strong rebound is unlikely,' said Mr Ron Lim, general manager of Nissan agent Tan Chong, adding that the market has remained generally weak.