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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
     
    Housing and Land Development Division
   
TThe Housing & Land Development Division has been an active contributor to the national shelter program with over 10,000 residential lots and/or housing units built in nearly a decade of operation.

Following the success of last year’s pre-sales, the division once again finished with another billion mark performance for FY 2005, breaking last year’s
record by over 25%.

Even in the face of continuous political and economic tension, the regional projects generated remarkable sales that significantly contributed to another banner year. Robinsons Highlands in Davao City tops the list followed by the recently launched Bloomfields Tagaytay in Tagaytay City, then Forest Parkhomes in Angeles City, and Robinsons Residenza Milano in Batangas City.

While the division continues to focus on the low-end and middle market, it has decided to enter the upscale market through Bloomfields Tagaytay. The residential subdivision in Tagaytay City was well received by the market and has encouraged the Division to look at other similar projects.

The Housing and Land Development Division will further intensify its international marketing efforts with the forthcoming opening of international representative offices in United States of America, Europe, and the Middle East.