Coral Cove Unit
Location: Paynes Bay, St. James, Barbados
Cost: $5.2 million (2008)
Property Type: Residential Unit

The Fund and Cave Shepherd & Company Ltd. have jointly purchased Unit 15 at Coral Cove for US$2.56 million (being a 30% discount off list). The unit has been listed for sale with all major agencies, unfurnished at US$3.7 million.

Holder's Site
Location: St. James, Barbados
Cost: $1.8m (2002)
Size: 158,000 square feet
Property Type: Residential property

This 3 1/2 acre site has expansive views over Holder's Polo Field, the Sandy Lane Green Monkey golf course and the west coast.

The valuers have increased the value to $3.3 million resulting in $100,000 in fair value gains.

Alanridge Canmore Villa – Unit #5
Location: Alberta, Canada
Cost: CAD$762 thousand (2004)
Tenantable Space: 2,436 square feet
Property Type: Residential property

The Fund purchased this three bedroom condominium on the Three Sisters Golf Course in Canmore, Alberta Canada. Three Sisters is in the heart of the Canadian Rockies. The unit is located behind one of the greens of the golf course.

The unit was completed at the end of 2006 and is being held for its long term capital appreciation. It was transferred to Investment Property in 2007 and is now included at fair market value as determined by the independent valuers. It has also been leased on a number of short term rentals.

It is now valued at Cdn $1.3 million and is included in the books at BDS $2.4 million. The Fund has recorded a fair value loss of $301,786 including exchange losses as a result of the depreciation of the Canadian dollar during the year.

Villas on the Green
Location: Cap Estate, ST. Lucia
Cost: Land - $5.4 million (2005)
Property Type: Residential Development

The Fund acquired an 18 acre site adjacent to the third and seventh hole at the Cap Estate Golf Club in St. Lucia. A master plan community was approved for 72 homes and the Fund has developed 20 townhouses in Phase 1 of this plan. The 20 townhouses were completed during the year and five were sold with an additional three purchase and sale agreements having been signed. The gross profit on sale of these units was $1.1 million, however all marketing and administrative costs incurred to date have been written off against these profits resulting in a net gain on sale of property of $334,696. Recently, the Board decided to offer three units for rent, two of these have since been rented.

Waterhall Polo Villa
Location: Waterhall, St. Thomas, Barbados
Cost: $3.4 million land (2006)
Property Type: Residential unit under development

During the year the Fund completed the purchase of a three bedroom villa overlooking the polo field at Waterhall, ST. James for $1.675 million. It has been furnished and is available for sale.

Limegrove Hillside Villa
Location: Limegrove, St. James, Barbados
Cost: $1.2 Million(2007)
Property Type: Deposit on Residential Unit

The Board took the decision to convert its equity into the purchase of a three bedroom hillside villa in 2007. Construction commenced in September 2008 and is expected to be completed in 2009.