Singapore’s right-to-own auto premiums for larger cars fell to S$125,011 ($92,239) in November’s first round of bidding, rewarding government attempts to tamp down prices through temporary quota increases.
Certificate of entitlement bidding for larger autos saw their largest decrease on record, with category B bidding falling S$40,000 from the last auction in October, and open category prices falling $32,993.
The Land Transport Authority reallocated quotas in two separate installments prior to this round of bids, increasing supply from the previous quarter by 35% on categories A and B, to regulate both smaller and larger autos.
The drop in prices is likely a relief to local lawmakers who earlier this week questioned the responsiveness of the COE system, which is designed to fairly allocate car-ownership rights on the land-strapped island.
