Grenada National Resort creates investment opportunities for investors—Olumide
Idowu Olumide is the regional director for Africa at Heng Sheng Group. In this interview with Josephine Okojie, he spoke about the Grenada National Resort and how investors can invest.
Can you tell us about the Grenada National Resort?
Grenada National Resort is near Grenada Plantation House, Morne Fendue, and Bathway Beach, only one hour’s drive from the airport and wharf—a priority tourism and real estate project in Grenada. The resort is situated in the peaceful north of the island and is a world-class all-inclusive resort. Covering an area of nearly 375 acres, it is an iconic sight, boasting its luxury hotel, casino, 18-hole golf course, and amusement park. The hotel has 500 suites with ocean views, including presidential, executive, and business suites. It offers a range of amenities, such as a 24-hour fitness centre, an outdoor swimming pool, commercial centres, restaurants, onsite parking, two helipads, and a yacht marina. The resort is the largest foreign investment project on the Caribbean island. It aims to enhance Grenada’s tourism image and promote development.
Can you tell us about the discussion at the groundbreaking ceremony?
The ceremony had Dickon Mitchell, Prime Minister of Grenada; Yuanfa Li, chairman of the Singapore Heng Sheng Group; Denis Cornwall, the parliamentary representative for St. Patrick East, in whose constituency the resort is being developed; cabinet members; and dignitaries. The Prime Minister encouraged his citizens to welcome the developmental change and noted that the project was going to change the environmental landscape and be an iconic development that would have an economic impact on the Caribbean as a whole. We require ecological and sustainable development during construction to make Grenada a world-class tourist destination. As the $2 billion project is currently under way, it is the largest Citizenship by Investment (CBI)-approved investment project in Grenada and the Caribbean, with $70 million already invested in the land acquisition. The project is said to improve Grenada’s tourism reception capacity and service level, promoting economic development and employment. The CBI program is now not just about selling passports but also aiding in the transformational agenda of the Grenadian government.
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What is the developer’s objective for the resort?
Singapore Heng Sheng Development PTE, Ltd. is the developer and the authorised distributor of the Grenada National Resort. It is a multinational integrated company combining investment, development, and commodities businesses. They have built several cities, including the Chongqing vocational education city project. With a global vision, an open attitude, and rapid integration into the world’s top tourism resort markets, HSG provides high-quality and diversified one-stop-shop services such as tourism, conferences, and exhibitions, as well as investments and citizenship through investment programs for global elites. In October 2019, the Grenada National Resort was approved as a CBI project by the government. This means that investors are eligible to obtain Grenada citizenship by investing in the development of the resort.
Is investing in the resort open to the general public? And what is required?
Yes, anybody over the age of 18 who passes the due diligence process and has the financial capacity can invest in the development of the resort through the Citizenship-by-Investment program offered by the Grenadian Government in exchange for a citizenship passport. But the source of funds is very important so as not to waste one’s time. The applicant will be required to invest a minimum capital investment of $220,000 and a government fee of $50,000, which is $270,000, into the project and be subject to applicable extra contributions for siblings, parents aged 55 and under, due diligence charges, legal service, and government fees related to their applications. The investor and their family members can obtain a Grenadian passport in about four to six months.