Banks courting cash-rich Farrer Court-ersSunday Times -2 Mar 2008
Talks held at Farrer Court to promote financial services to residents after estate’s $1.34 billion collective sale
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.
CITIBANK STAFF posted in the void decks of Farrer Court blocks invited residents to finance-related talks after the estate was bought by developer CapitaLand. At the talk, the Citibank officers spoke about financial management services for affluent customers. IPP Financial Advisers also held a talk there. — ST PHOTO: WANG HUI FEN
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.
Source : Sunday Times – 2 Mar 2008
Talks held at Farrer Court to promote financial services to residents after estate’s $1.34 billion collective sale
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.
CITIBANK STAFF posted in the void decks of Farrer Court blocks invited residents to finance-related talks after the estate was bought by developer CapitaLand. At the talk, the Citibank officers spoke about financial management services for affluent customers. IPP Financial Advisers also held a talk there. — ST PHOTO: WANG HUI FEN
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.
Source : Sunday Times – 2 Mar 2008
I doubt if the banks will be setting up shop in Tampines Court's void decks. If they do, it will be for the purpose of offering bank loans to cash-strapped residents!
I agree, farrer courts monirities know how to fight for their property and push the reserve price up and up to a record. That is why they live in D10 and they know how to manage their investrment. As for TC, well, the minorities take action only after the tender close. Well, too late.
ReplyDeletei need your suggestion, is it worth taking new financing loan as my current loan is 5% per annum from dbs. And a new loan will be about 2. something. there is a saving, but not sure if there will be delay or too early deal for tampines court enbloc , i really realy need some advise.
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