Grenada / The Residence / FAQ's

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By 31 December 2013. The build time is 24 months and will begin once $30m of property has been reserved.

Yes

Leasehold. 999yrs

Spa, 2 Restaurants, 2 Swimming Pools, Tennis Courts, 2 Bars, Boutique, water sports, standard Six Senses hotel services (crèche, concierge, maid service)
Yes, you will have full access of the facilities.

Yes; Six Senses to confirm.

Yes; Six Senses to confirm.

No, but furniture packages will be available through Six Senses, who will confirm specifications and pricing. 1st 10 buyers will get free furniture package.

Yes

Six Senses offer a comprehensive letting service. An owner who chooses to use this facility will benefit from marketing, management, cleaning and rent collection by Six Senses.

During the owners’ personal usage quota, the owner is free to use or rent the property as they see fit. Outside of that period, all rentals will be through Six Senses.

Usually 2% of the purchase price but terms should be obtainable from local lawyers at between US$4,000-US$5,000 for this project.

The conveyance must be carried out on island by a Grenadian solicitor. It is not unheard of for UK based solicitors to review the documents prior to exchange.

The balance of the 25% exchange deposit (after the non-refundable element) will be held in ESCROW until a threshold has been reached of US$30m worth of apartments sold.

Six Senses will negotiate a group buildings insurance policy to achieve the best value.
Landlords and Contents insurance will be the responsibility of the owner.

Direct flights from the UK with BA, Virgin and Monarch.
Direct flights to Miami with American Airlines
Direct flights to New York with Jamaica Air
Several daily flights with Liat Airlines all around the Caribbean
At least 5 daily flights to Barbados (45 minutes)

Access to healthcare is very easy with a pay-as-you-use system through private and national hospitals. The main hospital is in St. Georges itself, a short drive from the Six Senses site.

Grenada actually sits just south of the hurricane zone (having a very beneficial effect on insurance premiums). There have been two considerable recorded hurricanes in the last 100 years; however there was minimal damage to any property built to hurricane standards.

The legal system in Grenada is all based on UK law.

Assuming the owner has entered the property into the rental programme, buyers will have an allocation of 5 weeks personal usage time each year spread across the seasons.
During the owners’ personal usage quota, the owner is free to use or rent the property as they see fit. Outside of that period, all rentals will be through Six Senses.

40% of the generated revenue.

General buildings/ communal areas will be maintained as part of service charge. Six Senses will confirm arrangements for internal apartment maintenance issues with owners before completion.

Yes; Six Senses will advise on approved décor/ furniture package.

Each owner will have a private lockable storage area.

Landlords insurance will be available to all apartment owners in the rental programme.

Year 1 circa 4% increasing to 11% by Year 4.

No

The Residence Limited. The board of Directors provides a comprehensive spectrum of experience in the areas of global resort development, property investment, financial planning and investment, architecture and land planning. They also enjoy access to a wealth of on-island legal and governmental advisors and contacts all of whom offer their open support to The Residence development.

United States Dollars (US$). Both buyer and seller will be equally exposed to currency fluctuations.

Yes. We are unable to provide mortgage advice but we can put you in touch with a qualified mortgage broker.

US$20k or GBP10k non-refundable reservation deposit at which point papers will be released.
25% initial payment (minus reservation deposit) on exchange of contracts.
Stage payments aligned with construction programme milestones from exchange to completion.