Luxurious hospitality and residential property developer Ora Caribbean says that subscriptions for its stunning Beach House development have now closed due to unprecedented demand.
The boutique development on Grenada comprises of just 31 rooms, and is already sold out having only launched at the beginning of April 2021.
“I think Beach House was a breath of fresh air for the potential CBI client,” says Richard Hallam, CBI Director, Ora Caribbean.
“Our offer is simple, transparent, easy to understand with a fixed exit strategy. The investors funds are basically being treated as a short-term construction loan, with the developer footing the cost of the loan so that 100% of the investor’s funds are returned at the conclusion of the mandated government holding period.”
Beach House by Silversands is a small luxury boutique hotel nestled behind a protective cliff face on Portici Beach. Each of the 31 rooms are uniquely designed with distinct architectural canopies. Like all other Silversands hotels, Beach House will also be a member of the Leading Hotels of the World and will become a part of the growing family of Silversands properties worldwide
In these post-pandemic times, it seems that old phrase “less is more” holds true, as investors look for smaller-scale residential developments over larger resorts.
“I believe that hotel construction and design will need to be rethought in the aftermath of the pandemic,” says Hallam. “Clients will be looking for more open space, more ergonomic design, less corridors, less interiors, less obtrusive interaction.
“Beach House by Silversands has been carefully thought out so that all the rooms are in fact individual, stand-alone suites that maximise the space, the natural light and natural vistas of the Caribbean Sea and all the public spaces benefit from an open plan, open-air design.
“The fact that it is boutique in nature also means that the construction cost is significantly less and the build time is significantly reduced – which in turn means the hotel will be open quicker and profitable a lot quicker, than any of the other on-island projects.”
Building on Grenada experience
While this is all good news for the investor, it seems hard to believe that such a boutique resort would be profitable for the developer, but Hallam explains how Ora Caribbean has benefitted from its previous experience on Grenada.
“A small luxury hotel of this size is really able to focus on the guest experience, which in turn will convert to a high guest return ratio and loyalty and a high level of occupancy,” he says. “It is a lot easier to manage guest expectations in an intimate setting as you also get to know the guests’ preferences and interests individually and can tailor a bespoke experience just for them.
“As this is our second on-island property, we will also be able to work from a centralised executive management team thereby negating the need to hire a completely new team for Beach House. We will also be able to centralise core back of house facilities such as engineering, accounting, HR and landscaping.”
Clearly, Beach House has been both keenly priced and well planned, tapping into the zeitgeist for more bespoke, personal property investment.
Hallam is delighted that Ora Caribbean is having to close the subscription to Beach House and is buoyant that the property will open as scheduled, for Christmas 2022.
Ora Caribbean developing under the brand Silversands has a long-term development strategy in Grenada that began with Silversands Origins in 2018.
“We have a further three sites; Riviera by Silversands, Silversands Legacy and Port Louis Marina,” explains Hallam.
“We are currently in discussions with the Citizenship by Investment Committee and the Government of Grenada as to whether our next hotel development should be included under the CBI program – a decision we hope to make very soon and launch by the New Year.”