(Photo Credit: iStock)
The Land Transport Authority has announced that the COE Bidding Exercise will resume on Monday, 6 July 2020.
The resumption of the COE Bidding Exercise comes after a three-month suspension due to COVID-19.
On their decision to restart the bidding exercise on 6 July, LTA said, “this provides a two-week period for motor dealers and vehicle buyers to plan and confirm vehicle purchases before the COE bidding exercises resume”.
LTA also announced that future bidding exercises will follow the schedule before the Circuit Breaker was introduced, opening on the first and third Mondays of each month, and closing on Wednesdays at 4pm.
In addition, the accumulated COE quota of 19,490 from the suspended bidding exercises from April to June will also be returned to the market over the next 12 months from July 2020 to June 2021.
One-third of the accumulated quota will be returned over the first three months from July to September, while the remaining two-thirds will be returned over the subsequent nine months from October 2020 to June 2021
Doing so will ensure a sufficient supply of COEs to meet the built-up of orders during the suspension period. It will also help smoothen the supply of COEs to ensure long-term market stability.
As such, there will be 6,494 COEs available across all categories from July to September 2020. For October 2020 to June 2021, there will be 12,996 COEs available for all categories.
Lastly, LTA also announced that the COE quota for the bidding exercise in July 2020 will be 8,737. The next COE quota announcement for August to October 2020 will be made in July 2020.
For more details, please refer to their press release.
(Photo Credit: LTA)
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