COE August 2024 1st bidding results are out before National Day 2024! COE prices are all increasing! Why?

SINGAPORE: Certificate of Entitlement (COE) premiums for August's 1st bidding was released at the latest tender exercise on Wednesday (7 August).
Premiums for Cat A rose by $2,390 from $91,899 to $94,289 for smaller cars below 1600cc.
Cat B had also increased by a whopping $6,101 from $100,000 to $106,101. Cat B has remained in the 6-digit figure range consecutively since the 1st bidding in April 2024.