50 Luxury Apartments in Dubai Sold for Bitcoin
In one of the most amazing deals of Cryptocurrency industry, two entrepreneurs from UK, ‘Michelle Mone’ and ‘Douglas Barrowman’ have sold Fifty (50) luxury flats for Bitcoin. The flats are in luxurious ‘Aston Plaza & Residences’ area of Dubai.
Located in Science Park Dubai, the apartments will offer residents the chance to live close to Dubai’s famous landmarks such as tallest buildings in the world Burj Khalifa as well as in Dubai International Airport.
‘Douglas Barrowman’ is the Founder & Chairman of Knoxx whereas ‘Baroness Michelle’ is Founder of Michelle Mone Interiors & lingerie company Ultimo. Both billionaire entrepreneurs partnered last year for this crypto friendly $325 million project.
While crypto enthusiasts worldwide and specifically UAE were given this rare opportunity to invest their bitcoins, Michelle told that they are focusing on young investors. He said that the Aston team is slowly building a relationship with these young investors.
He further added that, “They would talk on phone, they’re not just like in their hoodies in the dark in the rooms.”
The 2.4 million square feet area project comprising of 1300 apartments was launched in September last year and is scheduled to be completed by 2020.
It is currently being constructed by Aston Developments, which works under the parent company Aston Property Ventures owned by Knox group of companies.
Post the breaking of this news, Barrowman told media houses that, “We allocated 50 out of 1300 developments. We’ve sold all out. Some bought ones and twos, and one individual bought ten.”
According to the website, a total of 400 apartments have been sold to early investors. However, the purchasing process is still in ‘Phase 1’, which is now offering 150 apartments.
The apartments price ranges from $130,000 (approx. 15.5 bitcoins) for studio, $223,057 for one-bedroom (approx. 26 bitcoins) and $380,000 for two-bedroom apartments (approx. 45 bitcoins). The payment can be made via global BTC payment service BitPay.
Significance of this Deal
This is an ice-breaking deal because this news comes at a time when investors across the globe are in a predicament and confusion because of unclear regulations. the United States, Germany, and France have all called for crypto regulation to be discussed at next month’s G20 summit in Argentina. Therefore, it will be interesting to see how the outcome of the summit affects the potential sale of more Dubai apartments for bitcoin.
Both the entrepreneurs are planning to launch a $75 million ICO will offer ‘Equi’ tokens for the ‘Equi’ platform. Barrowman explained that the website will provide investment opportunities to people. He said, “I like to see this crypto space being used to buy real-world assets. That’s the spirit of Equi as well. It’s transcending the crypto space into the physical and real world.”