[St. George’s, Grenada]
Individuals interested in Grenada citizenship now have an added incentive to purchase a share at the newly approved Beach House project included in the country’s Citizenship by Investment (CBI) programme – a full developer buyback of their share after 5 years.
Ora Caribbean, developer of the award-winning, ultra-luxe Silversands Origin resort in Grenada, has embarked on a second luxury, seaside resort, fittingly called Beach House. The contemporary designed, boutique resort introduces 31 sophisticated rooms to Portici Beach in the south of the island and provides a unique opportunity for citizenship investors to purchase redeemable shares.
One of the benefits of applying for Grenada citizenship through a purchase of approved real estate is the ability for investors to possibly recover some of their investment by selling their real estate to another buyer after the mandatory holding period of five years. Though the option to resell is attractive to investors, the challenges of finding another buyer at the price they seek can be overwhelming for some. By offering a buyback of its shares at the initial purchase price, Ora Caribbean removes the hassles inherent in the reselling process and provides a solace that’s incomparable.
Mark Scott, Ora Caribbean’s Chief Executive Officer, says investors should expect Beach House to exude the same essence as Silversands Origins. “Silversands is a brand. Beach House will be called Beach House by Silversands and will be managed and operated by Silversands. It will have the same standards, the same training and quality.”
According to Scott, the project, which officially breaks ground on April 21st, should be completed by Christmas 2022. In addition to requiring a shorter construction time, the property’s boutique size also means it has a limited amount of redeemable shares available for citizenship investment.
“It’s a simple sum. It’s the cost of construction minus the developer’s deposit of 20 percent – the balance of which is divided by $220,000. In our case this gives us 58 applications that we are able to use in order to fund the development,” said Richard Hallam, Ora Caribbean’s CBI Director.
Hallam, who recently returned to Grenada from a showcase in Dubai, indicates that at least 35% of the 58 shares being offered have already been reserved by investors eager to reduce their overall out-of-pocket expense for citizenship. Hallam believes the project will sell out quickly.
“I think the vehicle in which the investment is carried in this particular offer isn’t of paramount importance. I know some people prefer to have freehold rather than shares in a company, but I think with Ora, the vehicle is secondary to the actual offer made by the developer, which of course is to buyback the investment at the initial investment value, at the end of the mandated holding period.”
Ora Caribbean is a subsidiary of Ora Developers Group. The Group’s Chairman and Chief Executive Officer is Egyptian-Grenadian billionaire Naguib Sawiris. Sawiris curated the Silversands Hotels & Resorts brand as “an antidote to the faceless homogenous opulence of the luxury hotels…” he encounters on his travels. His resorts are spaces where luxury and modernity merge authentically with nature. To date, he has invested over US $150 million of his own money into developments in Grenada – including the construction of the existing Silversands Origin.
For Beach House, Ora Caribbean and its management have decided to treat the sales generated through the CBI programme as a bridging loan to quickly fund construction. Their treatment of the programme as a loan facility rather than an income source, as is done by other developers, is what’s allowing them to directly repay the investment amount made by purchasers of their shares.
Beach House forms part of a larger goal by Sawiris to transform Silversands Hotels & Resorts into an internationally recognised, exclusive brand. In addition to Silversands Origin and Beach House by Silversands, Ora Caribbean intends to deliver two other properties on Grand Anse beach, Silversands Legacy – a family friendly, five-star property – and Riviera by Silversands, as well as three hotels in the Port Louis marina area. The company’s international parent has already begun developing Silversands Mykonos, and also plans on delivering further Silversands properties internationally.
Individuals interested in taking advantage of the limited offer of redeemable shares offered by Ora Caribbean for citizenship investment in Grenada, can do so by contacting the team at My Grenada Solutions. Our licensed advisors can help you become lifetime citizens of Grenada and owners of Beach House by Silversands in as little as four months.
