Unlike the Apple AirTag Leather Key Ring, there are two variants of the Apple AirTag Loop.
One is the Apple AirTag Polyurethane Loop (or, in short, AirTag Loop), and it comes in for colors, Electric Orange, Sunflower, Deep Navy, and white. It retails for S$45, or if you are on Apple Corporate Employee Purchase Program (EPP), it is S$40.66.
The other variant is Apple AirTag Leather Loop and comes only in two colors, Saddle Brown and Product Red. It retails for S$59, or if you are on EPP, it cost S$53.50.
Like Apple AirTag Leather Key Ring, Apple AirTag Leather Loop also uses the same specially tanned soft French leather with the button of the loop made from stainless steel.
AirTag Loop is meant to be used on handles of your bags or luggage.
Similar to the Apple AirTag Leather Key Ring, the leather edges are smooth with nice stitches.
Again, whether it is worth S$45/S$59 depends on how expensive and luxurious your bag is. If your bag easily costs more than S$1,000, I think it is only suitable to match the status of it with a S$59 Apple AirTag Leather Loop.
Or even better, if your bag costs more than S$10,000, you can consider getting the Apple AirTag Hermès Bag Charm that retails for S$439.