Two Business Icons Launch New Bitcoin Mega Development

September 6th, 2017 at 3:01 am UTC · 4 min read

  • In a world-first, apartments will be priced and sold in the cryptocurrency, Bitcoin
  • Spanning over 2.4 million square feet, split across two 40-storey residential towers, and above a huge shopping mall
  • Aston Plaza and Residences is the first public joint venture between Baroness Michelle Mone OBE and businessman Douglas Barrowman
  • Industry-leading bitcoin payment provider, BitPay, is the payment processing partner.

Knox Group of Companies, Isle of Man, 6th September 2017: For the first time, property is available to buy directly from a property developer using the cryptocurrency, Bitcoin. Knox group of companies is offering those in the cryptocurrency community direct access to an exclusive international property development in the heart of Dubai, in the progressive Dubai Science Park.

This is the first joint business venture between the two business icons, Baroness Michelle Mone OBE and businessman and philanthropist Doug Barrowman, the Chairman of the Knox Group of Companies.

The £250 million development of two luxury apartment towers and a shopping mall is the first to allow buyers to purchase using Bitcoin. The current popularity of Initial Coin Offerings, a token-based method of fundraising for blockchain-based start-ups, has demonstrated there is huge demand for crypto-investors to diversify their assets. Until now, direct investment in property by paying in bitcoins has not generally been possible.

The highly-anticipated selection of 1,133 studio, one- and two-bedroom apartments, is due for completion in September 2019. Apartments offer floor-to-ceiling windows with unobstructed views of the Dubai Hills and the iconic city skyline. Renowned architects, John R Harris & Partners, have used bold architecture contrasted with relaxing, open and sociable communal areas designed by Michelle Mone Interiors. The development also boasts the Plaza – three floors dedicated to retail which will include boutiques, cafes, restaurants and a supermarket.

Studio apartments will start in price from 30 BTC* and mirroring ICOs, early investors will be given additional bonuses. Packages for interior design services and furniture will also be offered to purchase in bitcoins. Investors can expect to receive generous 9% rental returns on their investment after completion.

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.

Doug and I are both trailblazers in our own business sectors, so of course we wanted this to be different, unique and exciting – not just in the world of property, but also tech. This is why it is the first-ever development to be priced in Bitcoin. This is a launch of many ‘firsts’ in business and I look forward to an exciting project ahead for myself, Doug and the team.”

Douglas Barrowman, Chairman of the Knox group of companies, said: “This is a project I have worked very hard on for some time and the Dubai development is the pinnacle of design, architecture and commerciality. That said, I didn’t feel this was enough. I wanted to offer the property, tech and blockchain community a unique and exclusive opportunity by merging the property and tech sectors together in a true first for the industry.

“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.”

Industry-leading bitcoin payments platform BitPay will be processing the bitcoin transactions. The company already provides bitcoin payment tools to companies such as Microsoft and even Richard Branson’s space venture Virgin Galactic.

“Bitcoin payments offer a significant leap forward for high-value international payments,” said Stephen Pair, CEO and co-founder of BitPay. “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.”