Luxury apartments in first-ever development to be priced in bitcoin sold out
Baroness Michelle Mone and Douglas Barrowman’s joint business venture of apartments for sale in bitcoin in Dubai has sold out of the first stage.
It has been reported that batch of 50 luxury apartments for sale in Dubai in bitcoin have sold out.
Scottish entrepreneur Michelle Mone and her partner Doug Barrowman, Chairman of the Knox group of companies, announced last September plans for a $US327 million property development, Aston Plaza and Residences, in Dubai that would see apartments offered for sale directly from the developer in the cryptocurrency.
Barrowman told Business Insider, “We allocated 50 out of 1,300 developments. We’ve sold all out. Some bought ones and twos, and one individual bought ten.”
Located in Dubai’s Science Park, construction has begun and it is scheduled to be completed in 2020. It is being developed by Barrowman’s Dubai-registered firm Aston Developments, part of the Knox Group, which manages a $A2.59 billion portfolio of assets including commercial property.
Prices range from studio apartments for the bitcoin equivalent of US$130,000 to two-bedroom apartments priced at the bitcoin equivalent of $US380,000.
Baroness Michelle Mone commented, “of course we wanted this to be different, unique and exciting – not just in the world of property, but also tech. This is why it is the first-ever development to be priced in bitcoin. This is a launch of many ‘firsts’ in business and I look forward to an exciting project ahead for myself, Doug and the team.”
The pair initially pledged to sell a total of 150 apartments from the development in bitcoin, suggesting more batches may be released in future.
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