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COE bidding to resume from July 6
CERTIFICATE of Entitlement (COE) bidding exercises will resume, starting with the first exercise on July 6, the Land Transport Authority (LTA) said in a press statement on Thursday.
Bidding for COEs has been suspended since April due to the implementation of "circuit-breaker" measures amid the Covid-19 outbreak.
With motor vehicle dealerships and showrooms reopening from June 19 as Singapore moves into Phase Two, motor dealers will resume operations, including test drives by prospective vehicle buyers.
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 said.
Thereafter, COE bidding exercises will resume according to the schedule prior to the "circuit breaker", opening on the first and third Mondays of each month, LTA added.
The COE quota for the bidding exercises in July will be 8,737. COE quota from the suspension of bidding will also be gradually returned to the market, the authority said.
According to LTA, the accumulated COE quota of 19,490 from the suspended bidding exercises from April to June will be returned to the market over the next 12 months from July 2020 to June 2021.
One-third of the accumulated quota, or 6,494 COEs, will be returned from July to September this year. The remaining two-thirds, or 12,996 COEs, will be returned from October 2020 to June 2021.
"In reviewing how to return the accumulated COE quota to the market, LTA has considered the need to ensure sufficient supply of COEs to meet the orders that have built up during the period of COE bidding suspension, as well as the need to smoothen the supply of COEs to ensure long-term market stability," LTA said.
The next COE quota announcement for the bidding period from August to October will be made in July.
Separately, BT on Wednesday reported that car dealerships and automotive companies around the island are taking decisive steps to implement a series of safe management measures as they resume operations.