For the quar­ter end­ed De­cem­ber 31 the Fortress Caribbean Prop­er­ty Fund Lim­it­ed SCC–De­vel­op­ment Fund share suf­fered a loss of $164,148. This was slight­ly bet­ter than the $166,807 loss for the same pe­ri­od in 2014.

In his re­port to share­hold­ers, chair­man Ge­of­frey Cave said to­tal ex­pens­es were down 10.5 per cent due to re­duc­tions in pro­fes­sion­al fees and in­ter­est ex­pens­es.

"The main ex­pense for the fund con­tin­ues to be the car­ry­ing costs of re­al es­tate avail­able for re­sale of $91,817, most of which re­lates to Vil­las on the Green (VOTG) in St Lu­cia. The con­struc­tion of the com­mon pool at VOTG was com­plet­ed dur­ing the quar­ter and it is hope­ful that this will boost sales of the re­main­ing sev­en units in this de­vel­op­ment. There were no as­sets sold dur­ing the pe­ri­od," he said.

Cave said the net as­sets of the De­vel­op­ment Fund de­clined to $25.068 mil­lion and net as­set val­ue is now $0.46 per share which is un­changed from the fi­nan­cial year end­ed Sep­tem­ber 30, 2015.

Fortress Caribbean Prop­er­ty Fund SCC is a Bar­ba­dos-based closed-end mu­tu­al fund in­vest­ed in re­al es­tate prop­er­ties in the Caribbean and in­ter­na­tion­al­ly, of­fer­ing the op­por­tu­ni­ty to earn in­come and/or long term cap­i­tal gains from a port­fo­lio of prop­er­ties.