The Knox Group of Companies, based out in the Isle of Man, on Tuesday, announced the launch of a residential and commercial property in Dubai valued at $325 million. The key highlight of the project is that residences can be purchased in the cryptocurrency, bitcoin. The property known by Aston Plaza and Residences spans across 2.4 million square foot area, and comprises two residential towers and a shopping mall.
The Dubai venture is a collaboration with Baroness Michelle Mone, a member of the House of Lords and founder of the lingerie company, Ultimo.
Mone said, out of the 1,333 apartments; 480 have been sold in traditional currencies, while the remaining are up for sale to bitcoin holders. She said in an interview that her interior design company, Michelle Mone Interiors, will be responsible for designing the interiors of the apartments.
The Knox Group of Companies’ founder Doug Barrowman said, “The growing popularity of initial Coin offerings (ICOs), a token-based fundraising process for tech start-ups, has shown huge demand for crypto-investors to diversify their assets.”
Barrowman said “Studio apartments will costs 33 bitcoins, and early investors will be given early bird discounts.” He added, furniture and cost of interior design services can also be made in bitcoins. One bedroom apartments are sold at 54 bitcoins ($250,000), while two bedrooms can be bought for 80 bitcoins ($380,000).
Doug Barrowman told in an interview with CNBC that cryptocurrency is a sector growing since its inception. He added, “Bitcoin has hit a record high of $4,870 last week, which makes it a mainstream investment.
Bitpay, which also offers bitcoin payment tools to Microsoft and Virgin Galantic, will process the bitcoin transactions. BitPay CEO Stephen Pair said that he was happy to partner with Knox Group of Companies to accept bitcoin for property payments.
The project is due for completion in September 2019.