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Grenada: NIS selling properties to raise millions

March 19, 2024

CMC – In Grenada, the National Insurance Scheme (NIS) says it expects to earn an estimated EC$18.8 million (One EC dollar=US$0.37 cents) from the sale of eight buildings 11 years after it had purchased several government properties.

The then government had sold the properties because of its inability to meet monthly recurring expenditures such as salaries.

The most expensive property for sale is the structure that once housed the St. James Hotel with an asking price of six million dollars.

The former St. James Hotel in Grenada. (CMC image)

Another building up for sale is the Drill Yard that formerly housed several government ministries before the construction of the Ministerial Complex. In January, a portion of the building situated near the Sendall Tunnel collapsed. NIS has a price tag of EC$4.5 million for the building.

NIS is also selling a building that housed Radio Grenada as well as the former Parliamentary Election Office. The two buildings are priced at EC$400,000 and EC$950,000 respectively.

The NIS 2020 annual report shows that each of the properties placed on the market had been valued at less than its 2023 asking price.

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