LUXURY APARTMENTS PURCHASED With BITCOIN – 1st DEVELOPMENT EVER In DUBAI

 

Above sample apartment complexes do not represent the actual building projects.

By Nolan Apostle
Contributing Editor
Event City Creative Magazine

Bitcoiners Can Now Buy A Luxury Apartment Using Their Cryptocurrency Holdings

While China and Russia are going back and forth on the legal intricacies associated with Initial Coin Offerings (ICOs) and cryptocurrency ownerships or transfers, most other countries are putting the details to one side for a while and forging ahead with large scale bitcoin related development programs.

Reports are coming out of Dubai that suggest a couple of British entrepreneurs have teamed up to build the world’s first property development to be priced in the Cryptocurrency Bitcoin.

The project is being spearheaded by two big names in the UK business and political-spheres – Michelle Mone and Doug Barrowman. Mone is the entrepreneur behind the lingerie brand Ultimo,which she founded back in 1996 through her holding company MJM International, and she’s now the head of her own interior design firm Michelle Mone Interiors. She was also a lawmaker under former UK Prime Minister David Cameron.

Barrowman is Chairman of the Knox Group, an an independent group of businesses with over £1.25 billion of assets under management and administration that employing over 200 people.

So what will the development look like?

Well, as mentioned, it’s in Dubai and it’s going to include more than 2.4 million square feet of floor space spread across two towers, each of which will come in at 40 stories tall. Mone will be responsible (through her design firm) for planning the lobby and the communal areas, but that’s about all we know so far. There are some pretty neat mockups on the development promo website (available here) but how close these will be to the finished product remains to be seen.

Reportedly, prices will start at 30BTC for an apartment in the complex (which at current prices amounts to somewhere in the region of $140,000 and the entire development is going to price in at around $325 million from foundation to sale.

The total size of the complex will comprise of 1,000 apartments, a shopping center and much more. The development is expected to be completed by September 2019.

 

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