COMPANY PROSPECTUS
Prime Resources Company Limited (PRC)
Company Overview
Established in 2003,
Prime Resources is a property development firm
now focused on affordable
Luxury Apartment Projects in fast-growing
metro regions.
Website: www.prc.plus | www.15nugent.com | Contact: info@15nugent.com | +64-9-359-9330
Headquarters: Level 2, 1 Nugent St. Grafton, Auckland, 1023.
Headquarters: Level 2, 1 Nugent St. Grafton, Auckland, 1023.
John Chung
Founder & Managing Director
Hello
My name is John Chung, and I am the founder and director of Prime Resources Company Limited (PRC). Over the past 20 years, I have successfully led PRC in acquiring and developing a wide range of residential and lifestyle properties across Auckland, New Zealand. With a background in international business and an entrepreneurial mindset, I’ve always had a passion for shaping land into sustainable, high-value communities. From large-scale hobby farms to boutique lifestyle subdivisions, PRC’s developments have consistently focused on enhancing the natural environment while adding long-term value for owners, investors, and the surrounding community. PRC is currently shifting its primary business focus to affordable luxury apartment development, concentrating on affordable luxury apartments in the city fringe or desirable areas where potential buyers are actively searching. Please refer to the company milestones on the following pages.
I am the sole shareholder of PRC. PRC is now opening positions for additional shareholders to pursue affordable luxury apartment development going forward.
Prime Resources Milestones
2003: Established in 2003 July in Auckland
2003-2005: A Turning Point for PRC
2003-2005: A Turning Point for PRC
In 2003, PRC acquired a sawmilling factory in Gisborne, marking a significant turnaround in its operations. Subsequently, PRC received an offer to purchase the entire sawing milling business, which they accepted, successfully completing the sale.
2005 – 2010: Development of Commercial Forestry in Puhoi, Auckland.
Acquired 1,860 hectares of commercial forestry in Puhoi from Cater Hold Harvey.
Applied for Special Zone designation to change the land's use by ceasing commercial pine forestry and regenerating native vegetation over 75% of the area.
Eventually, the council approved PRC’s application through the environmental court mediation process.
Part of the land was transformed into lifestyle lots, totaling 166 lots, while the remaining areas were restored with native bush and protected by conservation covenants.
PRC received an offer for the entire project and subsequently accepted it, resulting in the sale of the whole project.
2013 - 2020: Development of a Lifestyle Rural Living Project in Karaka, South Auckland
Stage 1: Situated at Bushlake Way, Karaka.
Stage 2: Located on Batty Road & Hawthorne Lane, Karaka.
Stage 3: Located along Linwood Road Karaka.
All three stages have been successfully completed,
focusing on providing subdivision lots
for environmental enhancement.
PRC has obtained required
consent,
constructed rural lifestyle dwellings,
and successfully sold them.
2018 – Present: Transition to affordable Luxury Apartment Developments in Auckland's City Fringe
The company has strategically transitioned its focus toward affordable luxury apartment developments in the City Fringe and sought-after areas where potential buyers are actively looking.
In line with this strategy, the 15 Nugent St project, featuring 98 apartments, has been thoroughly prepared and is now ready to recommence construction.
Executive Summary
Prime Resources (PRC) is now concentrating on developing luxury apartments in desirable areas where
potential buyers are actively seeking living and investment opportunities near the city center. Our
current project is 15 Nugent St, a 98 apartment project as follows. We are also preparing for our next
project.
Project value after completion: $116.5 million
based on the valuation report
Total cost to complete: $76 million, inclusive $17 million
already invested by PRC, so we need $59 million only,
inclusive, sufficient contingency sum
Excellent feasibility: making $33.84 million
estimated gross profit following full completion in
October 2027
The Reason for Shifting to an Affordable
Luxury Apartment Development
In 2017, PRC recognized the potential of property
development but also identified several limitations
with traditional residential housing development.
While the market offered opportunities,
high competition and standard development costs
often eroded margins leading to feasibility issues.
Through a comprehensive study of population growth and property demand, we confirmed that housing remains an essential need. However, we observed that low-density, sprawling residential developments were saturating the market, limiting profitability despite construction quality or scale.
This insight led us to refocus on affordable luxury apartment development, with a particular emphasis on apartment complexes. Although such developments require higher initial capital, they offer significant operational efficiencies, lower infrastructure costs per unit, and the ability to maximize value through higher residential density on a single site.
Through a comprehensive study of population growth and property demand, we confirmed that housing remains an essential need. However, we observed that low-density, sprawling residential developments were saturating the market, limiting profitability despite construction quality or scale.
This insight led us to refocus on affordable luxury apartment development, with a particular emphasis on apartment complexes. Although such developments require higher initial capital, they offer significant operational efficiencies, lower infrastructure costs per unit, and the ability to maximize value through higher residential density on a single site.
Excellent Timing & Market Opportunities
Now presents an opportune moment to commence
construction of the 98-apartment project at
15 Nugent Street. With contractors actively
seeking work, PRC can secure competitive pricing
and favorable contract terms, maximizing project
efficiency and cost-effectiveness.
By the projected completion in October 2027, market conditions are expected to be highly favorable. Apartment prices are anticipated to rise alongside increasing demand, creating a strong environment for sales. The 98-apartment development is projected to generate gross profits estimated at $33.84 million over two years, even after being subjected to $10 million of loan costs, delivering attractive returns to new shareholders.
Current market dynamics—driven by lower interest rates, rising property yields, post-COVID recovery, and ongoing population growth—further reinforce the potential for significant investment gains over the next 7 years.
By the projected completion in October 2027, market conditions are expected to be highly favorable. Apartment prices are anticipated to rise alongside increasing demand, creating a strong environment for sales. The 98-apartment development is projected to generate gross profits estimated at $33.84 million over two years, even after being subjected to $10 million of loan costs, delivering attractive returns to new shareholders.
Current market dynamics—driven by lower interest rates, rising property yields, post-COVID recovery, and ongoing population growth—further reinforce the potential for significant investment gains over the next 7 years.
Anticipation is building for a notable increase in apartment demand in New Zealand, driven by government
initiatives and a growing enthusiasm for the urban living trend and vibrant lifestyles. Exciting times ahead!
- A growing trend shows that people prefer living in luxury apartments which offer benefits of enhanced security and minimal maintenance in line with world trends.
- Auckland CBD projected population growth: +16% by 2030
- Rental demand remains high with 90% occupancy rates
- Under supply of mid-premium apartments in the market
Our Mission
Our goal is to deliver sustainable, stylish, and
saleable luxury apartments in the central city,
creating an affordable, convenient, and
enjoyable city lifestyle.
PRC aims to become an affordable luxury apartment provider who will generate strong dividends to new shareholders.
PRC aims to become an affordable luxury apartment provider who will generate strong dividends to new shareholders.
MILESTONE PERFORMANCE
Growth Record & Forecast
Limited Competition. Strong Demand. Exclusive Opportunity.
Affordable Luxury apartment development sits
within a specialised sector of the property
market—one that demands substantial capital,
advanced planning capabilities,
and sector-specific expertise. As a result,
it remains out of reach for many smaller developers.
Currently, no similar apartment complexes are being developed in Grafton, Ponsonby, Mt Eden & Eden Terrace highlighting the scarcity of new supply in this sought-after central location. With an average planning and construction timeline of 2.5 to 3 years, entry into this space requires long-term vision, financial resilience, and operational discipline. There were a few comparable apartments butt these are in other area’s.
Due to recent market downturns, only a limited number of companies remain active in apartment development, making this an ideal time for Prime Resources to lead with the 98-apartment 15 Nugent Street project. This scarcity, combined with growing demand and PRC’s proven capability, presents a unique investment opportunity with limited competition and strong upside potential.
Currently, no similar apartment complexes are being developed in Grafton, Ponsonby, Mt Eden & Eden Terrace highlighting the scarcity of new supply in this sought-after central location. With an average planning and construction timeline of 2.5 to 3 years, entry into this space requires long-term vision, financial resilience, and operational discipline. There were a few comparable apartments butt these are in other area’s.
Due to recent market downturns, only a limited number of companies remain active in apartment development, making this an ideal time for Prime Resources to lead with the 98-apartment 15 Nugent Street project. This scarcity, combined with growing demand and PRC’s proven capability, presents a unique investment opportunity with limited competition and strong upside potential.