WHERE there is money, businesses will pursue it. So it is not surprising that at least two financial players, Citibank and IPP Financial Advisers, have held talks at Farrer Court to woo residents with their services.
Residents netted $2.15 million on average after the estate had a collective sale in June last year. The 618-unit estate in Farrer Road was bought by developer CapitaLand for a record $1.34 billion. The original owners paid a little over $100,000 for their units 31 years ago.
The wooing of the Farrer Court community began four months ago with the unusual sight of Citibank officers posted in the void decks. They invited residents to two finance-related talks, complete with a free buffet dinner, in the estate's function room.
When The Sunday Times attended one talk last Wednesday evening, we saw bank staff handing out booklets to more than 150 residents. The staff spoke about financial management and Citigold services targeting more affluent customers.
Citibank said such talks were held on an ongoing basis in private residences, including The Berth by The Cove in Sentosa Cove in January.
Many residents liked what they saw. As Mr Aeden Tang, 49, a bank officer, said: "Other banks didn't take the trouble to reach out to us, unlike Citibank."
Another resident, a 56-year-old retiree who wanted to be known only as Madam Tan, agreed: "It's a win-win situation because many residents are old and can't shop around for a good bank."
Independent financial adviser IPP also held a talk there yesterday which drew about 25 people.
Residents said Citibank's more aggressive tactics worked better than IPP's. The latter had put up a banner to advertise its talk.
Other banks such as Standard Chartered have also reached out to those living in private residences.
None of them or IPP wanted to reveal how much business the talks had generated. OCBC, however, stopped such roadshows two years ago as it felt that they encroached on residents' privacy.
