A cryptocurrency venture under construction in Dubai has reportedly been put on hold. British Baroness and multi-million dollar crypto entrepreneur, Michelle Mone, had begun a real estate project called Aston Plaza, which broke ground in 2017.
However, citing government inspectors to the site, the project has stopped at only 25% completion.
The $325 million project consisted of two complexes making up 1,300 luxury apartments. At least 150 of those were planned to be sold in Bitcoin. This was the first major development of this size to be available for cryptocurrency purchase. Studio apartments were on sale for 15 BTC and two-bedroom apartments for 45 Bitcoins. That equates to roughly $130,000 and $380,000 respectively, as of February 2018 when the venture had already sold 50 apartments in this manner.
The Aston Plaza Website
There have been no details as to why the venture has stopped in its tracks.
According to the website:
“The Aston Plaza & Residences development at Dubai Science Park offers affordable studio, 1 and 2 bedroom apartments that can be purchased in bitcoin or a combination of bitcoin and fiat currencies on this website.”
However, at the time of writing, the website states:
“There are no more units available to purchase at this time. Further information to follow soon.”
It also continues to state how apartments of all sizes now start at 9 BTC, with the exchange rate now pegged to the US dollar rate for Bitcoin as of January 2018. This equates to roughly $147,000.
As stated, construction on Aston Plaza has stopped at only 25% completion. This equals, approximately, 400 apartments that have already been sold.
This is not Mone’s first crypto venture. The founder of lingerie brand Ultimo also started a crypto-related initiative called Equi Capital that reportedly involved Apple’s Steve Wozniak. Equi Capital launched an ICO looking for $80 million to start what was dubbed the “Bitcoin of Britain.” After only raising $7 million, and failing to reach targets, the project lost interest, and those who invested were reimbursed.
Would you pay for an apartment at Aston Plaza in crypto?
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