In the first COE bidding exercise for January, COE premiums for Cat A, B and E see a steady rise in premiums since the last tender.

Premiums for Cat A, for cars up to 1,600cc in engine capacity and with an output of no more than 130bhp, went up by $350 (0.7 percent) to end the bidding tender at $50,101.

Premiums for Cat B, larger cars with more than 130bhp or engine displacements larger than 1,600cc, went up by $1,997 (3.9 percent) and ended at $53,106.

In Cat E, the open category, prices rose by $2,612 (5.2 percent), with premiums closing at $53,001.

The continued rise in COE premiums comes as no surprise as festive deals and special promotions during the Christmas and New Year period have encouraged an increase in car sales. And with the upcoming Singapore Motor Show 2017, COE prices are expected to continue rising over the next few bidding exercises.