Beach House by Silversands has officially opened its doors to guests making it the first property approved under the $220,000 price option of Grenada’s citizenship by Investment (CBI) programme to begin operations.
The resort, which officially opened on Portici Beach on February 1, is positioned as a couples retreat and boasts 32 well-appointed suites, nested under undulating canopies. An architectural delight, the property is as aesthetically pleasing as it is environmentally friendly, evoking a quiet luxury charm that’s a mainstay of its sister property – Silversands.
“It’s a great addition to the Silversands brand on island,” said Richard Hallam, the CBI Director for Ora Caribbean, the resort’s developer. “It also demonstrates that when you bring a viable, achievable development to a small island nation like Grenada, and you have access to the CBI programme, it is completely possible to finance, build, and open a hospitality project.”
Grenada’s Citizenship by Investment programme makes it possible for the country’s tourism industry to improve the quality of room stock available to guests by allowing projects, such as Beach House, to raise construction capital through its auspices. In 2019, the programme adjusted its minimum price point for real estate projects, allowing developers to market and sell investment units at a minimum threshold of $220,000. Beach House was subsequently launched through the option, officially breaking ground in April 2021.
Thomas Anthony, the current Chief Executive Officer of the Grenada Citizenship by Investment Unit, who was instrumental in lobbying for the price adjustment while at the helm in 2019, sees the opening of Beach House as a testament of the authenticity and viability of the country’s programme.
“We believed at the time, and I still believe now that it was important for the programme to compete with other CBI programmes in the Caribbean. We were way outside the price point; so, as we were trying to build the tourism product, it was important to have a more competitive price point to attract more real estate investors to Grenada,” Anthony said.
“It gives me great joy to be at the beginning and now at the endpoint, in this capacity, to see that the vision is being realised.”
As a member of the Silversands brand, Beach House enjoys a symbiotic relationship with its sister resort. Guests at the property can freely move between the two resorts, making use of key Silversands facilities, like its 100m infinity pool, its luxury spa, and its restaurants. Further, to ensure brand consistency, the executive team at Silversands also oversees the management team at Beach House.
The new resort is the second phase of a multiphase development plan that Naguib Sawiris, the Chairman and CEO Ora Developers Group, the parent company of Ora Caribbean, has for Grenada’s hospitality industry. Already phase three of the plan – the development of a restaurant and dining space at Port Louis, a mega-yacht marina village, is on its way.
According to Hallam, the next major project will hopefully roll out at the beginning of the second quarter of 2024. “We are currently in the throes of working out how we can revive the former Kawana Bay hotel and that will be our next big CBI project,” he said.
At present, Beach House is said to be operating at approximately 75% capacity but is expected to improve its performance as the property settles into its operations.