(Dec 21): Premiums for the right to buy a large car in Singapore rose to S$108,006 (US$79,993) in the year’s last round of bidding, short of the record set in November.

The so-called certificates of entitlements or COEs for the larger and more power cars in category B soared in 2022, as authorities limited the quota of cars in the land-strapped city state and Singapore’s wealthy drove up their bids.

Bids for all other categories fell in the last round of bidding to close out the year.

Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, fell to S$109,600. Record was established on Nov 9 at S$116,577.

For Category A cars, or those 1,600cc and below with horsepower not exceeding 130 bhp, and the new 110kw power categorization for electric vehicles, premiums fell to S$88,007.

Premiums for larger and more powerful cars in Category B increased to S$108,006. Record established on Nov 9 at S$115,388.