By
Godfrey Benjamin
January 9th, 2024
Baroness Michelle Mone of Mayfair OBE and Doug Barrowman announce the world’s first Bitcoin-priced development in Dubai becoming property pioneers.
Today, Baroness Michelle Mone OBE, founder of the popular lingerie brand Ultimo, and member of the UK Parliament, launches their biggest business venture together with Doug Barrowman, a business mogul, the founder and Chairman of the Knox group of companies.
Their first joint project is a $330 million development of two apartment towers in the heart of Dubai with the Plaza – three floors dedicated to retail which will include boutiques, cafes, restaurants and a supermarket. The residents will also have the opportunity to visit a sporting gym and a swimming pool that will also be constructed in the complex.
Baroness Michelle Mone of Mayfair OBE, commented:
“I am thrilled to be launching a project of this scale as a step in the property development business. 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.
I have ensured, along with my business and life partner Doug, that our new development in Dubai offers exceptional homes to professionals and young families. The towers have been designed with community at its core and cater to the those looking for style, lifestyle and convenience, in a beautiful location.”
Of course, the flats in the housing development can’t and wouldn’t boast low prices:
• The Average Price for Studio makes 133,000 USD;
• 1 bedroom apartments will cost around 239,000 USD;
• 2 bedroom apartments will be sold at an average price of 379,000 USD.
What Really Makes the Two Business Icons Property Pioneers?
Beautiful designs for apartments, leisure sites, supermarkets and swimming pools are really great things, but nobody is going to argue that they do not pretend to be pioneer, especially today.
The innovatory character of the venture lies in the fact that all the apartments will be offered exclusively in bitcoin with all the payments being processed by Bitpay, leading bitcoin payments platform, which already provides its services to Microsoft and Richard Branson’s space venture Virgin Galactic.
Stephen Pair, CEO and co-founder of BitPay, commented:
“Bitcoin payments offer a significant leap forward for high-value international payments. These property purchases can now happen in minutes from anywhere in the world with the speed of sending an email. We are pleased to partner with Lady Michelle Mone OBE, Doug Barrowman, and the Knox Group of companies on this exciting opportunity for Bitcoin and for property payments.”
Motivating their decision to use bitcoin as an exclusive means for payment, Doug Barrowman said:
“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. 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.”
According to the project’s team, investors can expect to receive 9 percent rental returns on their investment after completion, which is due in September 2019.