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    INVESTORS' CENTER - Year Ended September 30, 2005
    Financial Highlights     Hotels Division
    Message to the Stockholders     Board of Directors
    Commercial Centers Division     Management Team
    High-Rise Buildings Division     Downloads
    Housing & Land Dev. Division
     
    High-Rise Buildings Division
   
The High Rise Buildings Division is primarily responsible for selling residential condominiums and leasing office buildings in key business and residential districts in the metropolis.

Its past residential developments include the very successful Robinsons Place Residences Tower I and II in Manila City and Galleria Regency in Quezon City. The Division has several ongoing residential projects, namely Fifth Avenue Place (Taguig City), One Gateway
Place and Gateway Garden Ridge (Mandaluyong City), and One and Two Adriatico Place (Manila City).

Following the success of its previous projects, the Division further launched three projects during the fiscal year – Gateway Garden Heights (Mandaluyong City), McKinley Park Residences (Taguig City), and Three Adriatico Place (Manila City).

The Division currently benefits from strong recurring revenues derived from its office space inventory in three office buildings, Robinsons Summit Center (Makati City), Robinsons Equitable Tower (Pasig City), and Galleria Corporate Center (Quezon City). The division recently completed Robinsons Cybergate Center I, a building designed primarily for call centers and business process outsourcing companies, in Robinsons Place Pioneer in Mandaluyong City. With the successful pre-leasing of its earlier project and sustained influx of serious interest for office space coming from the outsourcing industries, the division has commenced construction of Robinsons Cybergate Center II.

The Division plans to continue undertaking the following strategic initiatives: (1) focus on the middle-income segment of the market and possibly, diversifying its portfolio of middle-cost products; (2) explore niche markets that would sustain the division’s sales momentum and profitability; (3) actively explore prime properties around the metropolis and in key developing areas around the country to support contemplated products; (4) intensify its international marketing efforts and strengthen web-based and logistical networks; and (5) strengthen its recurring revenue base by taking advantage of opportunities presented by the strong outsourcing industry’s office space demand. With these plans, the division is confident that it will maintain its position as an industry leader.