The first COE bidding exercise for the year sees prices in all categories rising.

Premiums for Category A, for cars up to 1,600cc, have experienced a sharp hike of 11 percent, from $81,889 late last year to $92,100.

Category B premiums, for cars bigger than 1,600cc, were valued at $93,501 last December, and have now reached a new high of $96,210 - a 2.8 percent increase.

Premiums for the open category increased by a modest $111 to $96,101, from $95,990 last year.

According to The Straits Times, the longer three weeks break and a rush for more premiums before the reduction of COE quotas, are likely to be the reasons for the high demand.