Doug Barrowman and Michelle Mone, two entrepreneurs from Britain, have launched a premium real estate project in Dubai where payments will be taken via Bitcoin. The project spreads over 2.4 million sq. ft. and 150 apartments will initially be sold at Bitcoin prices in a highly unique development and possibly the first such initiative across the globe. 30 BTC will be the initial price for studio apartments which are otherwise worth approximately $133,918. The cost of the project is estimated to cost a whopping $325 million or 250 million pounds. The project is named Aston Plaza and Residences and will be divided across a couple of residential towers of 40 storeys each.
The developers have already claimed that this is the first big development to be priced in Bitcoin, one of the most pioneering virtual currencies worldwide. Mone is the founder of Ultimo which is a well-known lingerie brand and also owns the Michelle Mone Interiors firm which will build the reception zones and major walkways at this project. She is also a part of the upper chamber of Parliament in the United Kingdom. Barrowman is Chairman of the Knox Group of Companies and has stated that Bitcoin has been chosen since it is steadily becoming a mainstream investment channel. Both entrepreneurs feel that this is going to be the currency of the future and hence this innovative offering.
The project is expected to be completed by September, 2019 and will consist of more than 1, 000 apartments in tandem with a luxury shopping mall. The transactions will be processed through BitPay, the known cryptocurrency payments platform which also offers payment solutions to Virgin Galactic, owned by billionaire entrepreneur Richard Branson and Microsoft. The purchases of property can now take place within minutes from almost anywhere across the globe according to the CEO at BitPay, Stephen Pair. He also expressed delight at partnering with the Knox Group of Companies for this novel initiative.