The Grace Bay Club in Turks and Caicos has just announced the Residences—a 2.2-acre community within the larger 11-acre community. Upon its completion in 2014, the new enclave will consist of just three residential villas priced from $3.8 million. The 6,000-square-foot homes are being designed by the U.K.-based firm Coast Architects, whose past projects have included the nearby resorts Amanyara and Parrot Cay. Each of the villas will feature four bedrooms, four and a half baths, and a 2,600-square-foot outdoor…