Boston, MA -- (SBWIRE) -- 05/03/2013 -- We believe the latest strength in Certificate of Entitlement (COE) prices showcases the strong demand for vehicles, a trend which we expect to continue. With the number of motor vehicle registrations crossing the 1mn mark earlier this year, Singapore's fleet size has grown about 30% since 2005. However, neither the high prices of COEs nor the greater congestion on roads has deterred consumers from wanting to purchase a car.

While the Land Transport Authority (LTA) has used various measures to encourage citizens to use public transport instead of purchasing cars, it has not been successful in reducing demand for cars. BMI believes Singaporeans view cars as an aspirational item. Although the city boasts an excellent public transport infrastructure, Singaporeans prefer to own cars due to the convenience and status they provide.

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November 2012 prices for COE saw yet another surge in the latest bidding exercise. However, this time small cars (below 1,600cc) COEs saw the biggest hike of 8.7% month-on-month (m-o-m), ending at SGD77,201. Premiums for big cars (above 1,600cc) on the other hand jumped by about 7.7% m-o-m, from SGD 85,801 in October to SGD 92,400 in the current bidding. This was rather unusual as during the previous months in the year, the percentage increases in premium car COE prices mostly outperformed those for small cars.

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