This week two business luminaries, Baroness Michelle Mone and Douglas Barrowman, have announced the sale of 2.4 million square feet of Dubai residential property will be sold for bitcoin. The residential 40-storey tower apartments will be the first properties located in Dubai’s Science Park priced and sold for a cryptocurrency settlement.
The First Dubai Development Properties Priced in Bitcoin
Through a partnership with Knox Group and the bitcoin payment processor Bitpay, a selection of 1,133 studio, one- and two-bedroom apartments, ready for completion by September 2019 will be sold for bitcoin. The Aston Development properties offer unique floor-to-ceiling windows with views of the Dubai Hills and city’s skyline. Further the project was developed by the well-known architects John R Harris & Partners alongside interior design by Michelle Mone Interiors. According to Knox Group, the development will feature three floors of cafes, restaurants, a supermarket, and boutiques.
Currently, studio properties will have a starting price of 33 BTC, and the real estate agency says early investors will get additional benefits. Additionally, packages of interior design services and furniture can also be purchased using bitcoin.
“I am thrilled to be launching a project of this scale as a step in the property development business,” explains Baroness Michelle Mone of Mayfair OBE. “This is also a natural progression from the launch of Michelle Mone Interiors – bringing together my two passions in business for the first time; design and property.”
“Doug and I are both trailblazers in our own business sectors, so 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.”
Merging the Property and Tech Sectors Together
Douglas Barrowman, Chairman of the Knox group of companies explains the project has been an ongoing effort for quite some time. Barrowman believes Dubai property development is in a class of its own and he wanted to “merge the property and tech sectors together in a true first for the industry.”
“Bitcoin’s meteoric rise in a few short years means it’s now the world’s leading cryptocurrency. This is exactly why we are the first property development ever to be priced in Bitcoin,” Barrowman states.
“I believe, as it gains mainstream adoption, many will follow our lead on this. I would, as I have done throughout my career in business, like to be the one who starts the trend, a very exciting one at that.”
The £250 million construction of two apartment towers and a shopping mall will be one of the first and largest sales conducted using bitcoin for settlement. The Aston Development properties also detail initial investors should receive 9% rental returns on their investment after construction is completed.