Singapore
Singapore’s COE prices for small and large cars hit new record highs in latest bidding exercise
Certificate of Entitlement (COE) prices for small and large cars have hit new record highs in Singapore’s latest bidding exercise, with premiums for small cars rising by 6.25% to S$93,503 and for large cars by S$116,201. Goods vehicles and buses saw a decrease in COE prices, while motorcycle premiums fell.
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SINGAPORE — Certificate of Entitlement (COE) prices for both small and large cars have hit new record highs in Singapore’s latest bidding exercise, which closed on Wednesday (22 Mar).
Premiums for small cars, CAT A (up to 1600cc & 97kW) or fully electric cars with output of up to 110kW rose by 6.25 per cent to S$93,503. This marks the highest price seen in more than a decade, with the previous record high of S$92,100 being set in January 2013.
Meanwhile, large cars, CAT B (above 1600cc or 97kW) or fully electric cars with output over 110kW saw premiums increase from the previous record high of S$115,501 to S$116,201.
In contrast, goods vehicles and buses (CAT C) saw COE prices decrease by 6.27 per cent to S$85,389.
In the motorcycle category (CAT D), premiums fell to S$12,001 from S$12,390 in the previous bidding exercise.
The open category (CAT E), which can be used for any type of vehicle except motorcycles, saw prices rise 0.02 per cent to S$116,020.
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Image from SG car mart
These latest figures reflect a continuing trend of rising COE prices, as demand for cars in Singapore remains high.
The COE system, which was introduced in 1990 to regulate the number of vehicles on the roads, requires vehicle buyers to bid for a COE in addition to the price of the vehicle itself. The COE acts as a permit to own a car and is valid for 10 years.
The latest results have disappointed many potential car buyers, who are struggling to keep up with the increasing prices.
However, the decrease in COE prices for goods vehicles and buses may be good news for businesses that rely on these types of vehicles.
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Singapore
Man arrested for alleged murder of 48-year-old woman at Maxwell Food Centre
A 41-year-old man was arrested for allegedly stabbing a 48-year-old woman at Kadayanallur St. He will be charged with murder, which carries the death penalty.
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A 41-year-old man has been arrested for his alleged involvement in the murder of a 48-year-old woman.
The incident is said to have occurred in the early hours of 7 September 2024 at Maxwell Food Centre along Kadayanallur Street.
According to the Singapore Police Force, the man turned himself in at Bukit Merah East Neighbourhood Police Centre at 1.36am, informing officers that he had stabbed the woman.
Police officers were immediately dispatched to the scene, where they found the woman lying motionless. Paramedics later pronounced her dead on-site.
Preliminary investigations revealed that the man and the victim were known to each other. However, further details about their relationship have not been disclosed.
The man will be charged with murder under Section 302(1) of the Penal Code 1871, an offence that carries the death penalty.
Police investigations are ongoing.
Singapore
Singapore’s tycoons see wealth rise in 2024, but still below 2021 peak
Singapore’s wealthiest saw their collective fortune rise over 10 per cent to US$195 billion in 2024, driven by economic growth and stock market gains. Eduardo Saverin, Meta co-founder, led the list with US$29 billion, while real estate and tech tycoons also saw significant gains.
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Singapore’s wealthiest individuals saw a collective increase in their fortunes by over 10 per cent, reaching US$195 billion (S$253 billion) in 2024, up from US$177 billion in 2023, according to Forbes’ 2024 list of Singapore’s 50 Richest. However, their total wealth remains below the peak in 2021, when their net worth reached US$208 billion.
Nearly two-thirds of those listed saw their wealth grow this year, benefiting from Singapore’s robust economic performance and buoyant stock market.
Forbes credited part of the wealth boost to optimism following the swearing-in of Prime Minister Lawrence Wong in May 2024 and a surge in tourism driven by major concerts from global pop star Taylor Swift and rock band Coldplay.
At the top of the list, Brazilian billionaire entrepreneur and angel investor Eduardo Saverin, co-founder of Meta Platforms and based in Singapore, maintained his position as Singapore’s richest person for the second year in a row. His net worth surged by US$13 billion, reaching US$29 billion in 2024, spurred by Meta’s stock price gains, as the tech giant deepens its investments in artificial intelligence.
Siblings Robert and Philip Ng of Far East Organization held on to second place, despite a slight dip in their fortune from US$14.8 billion in 2023 to US$14.4 billion in 2024. The property magnates continued to oversee one of Singapore’s largest real estate empires.
In third place, Mr Li Xiting, chairman of Shenzhen Mindray Bio-Medical Electronics, saw his wealth decline slightly from US$14 billion to US$13.4 billion.
Real estate mogul Kwek Leng Beng climbed to fourth place with a net worth of US$11.5 billion. His high-profile acquisition of the Hilton Paris Opera hotel in 2024, ahead of the Paris Olympic Games, made headlines and solidified his family’s standing.
One significant change in the top 10 was the entry of the Wee family at No. 7, with a net worth of US$7.8 billion. The family, heirs of banking tycoon Wee Cho Yaw who passed away in February at the age of 95, now holds a key position in UOB, one of Singapore’s major banks. Mr Wee Ee Cheong, the eldest son, is deputy chairman and chief executive of UOB, while his siblings oversee other family businesses, including UOL Group and UOB Kay Hian.
Meanwhile, the founders of the Haidilao hotpot chain, Mr Zhang Yong and Ms Shu Ping, experienced a sharp drop in their ranking, falling from sixth place in 2023 to 10th in 2024. The couple’s combined wealth declined to US$6.5 billion, driven by a steep fall in Haidilao’s stock due to weaker consumer spending in China.
Another significant development was the sharp rise in wealth of three individuals tied to United States-listed Sea Ltd. The internet company, co-founded by Mr Forrest Li, turned profitable for the first time in 2023, causing its stock to more than double. Mr Li’s wealth soared, elevating him to No. 12 with a net worth of US$5 billion, while Sea’s chief operating officer Ye Gang rose to No. 16 with US$3.1 billion.
As Singapore’s tycoons continue to navigate global economic fluctuations, their fortunes reflect a mixed bag of success stories and challenges, with technology, real estate, and tourism emerging as key drivers of wealth growth in 2024.
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