A luxury residential project aimed for the crypto rich is purportedly suffering a delay in completion.
The Times reported on April 28 that the Aston Plaza project in Dubai seems to have stalled with its website still showing the project as “25 percent complete,” which was the same figure used for its marketing paraphernalia. Baroness Michelle Mone and Doug Barrowman, who are high-profile U.K. entrepreneurs, initiated the project in 2017.
Revealed in September 2017, the Aston Plaza plan would purportedly cost £250 million ($323 million) to build. It would feature a two-tower complex with 1,113 luxury apartments more than 2.4 million square feet. Each flat would cost between $133,000 and $379,000 in bitcoin.
The Times said that government inspectors checked the construction site in January last year and marked the project as “on hold.” According to the report, the construction, which was planned to be completed by summer of this year, is no longer underway.
Doug Barrowman is a business tycoon and founder of Aston Ventures, a private equity firm. His life and business partner Baroness Mone is a lingerie designer and also a peer of the U.K.’s House of Lords. The two jointly initiated the real estate project particularly aimed at blockchain and crypto enthusiasts.
Barrowman said at the time that he believed the project was a great opportunity for bitcoin investors to turn their holdings into “real brick-and-mortar” assets.
“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,” he stated at the time.
The venture was receiving payments in bitcoin through BitPay, a cryptocurrency payments processor based in the U.S.