This article has been updated to include comments from the press office of Lady Mone.
The Aston Plaza in , a major () project, is reportedly pausing its operations, daily agency reports on April 28.
The $325 million project — by founder of the Ultimo lingerie brand Michelle Mone and her billionaire partner Douglas Barrowman back in 2017 — includes 1,300 luxury apartments, with at least 150 units planned to be sold in .
Touted as the first major development of this size to be available for purchase in , the Aston Plaza initially $130,000-priced studios, about 15 as of February 2018, as well as two-bedroom apartments for $380,000, worth around 45 bitcoins. As previously reported by , the entrepreneurs sold 50 apartments for as of February 2018.
According to the Aston Plaza , the venture now offers studios as well as one- and two-bedroom apartments starting at 9 ; however, the website notes that price is pegged to the exchange rate for as of Jan. 8, 2018, making 9 equal to around $147,000.
As previously reported by , the project was originally scheduled to be completed by September 2019.
However, citing government inspectors who visited the site in January of last year, The Times reports that construction of the venture has stopped. As presented on the project’s website, 25% of the project has been constructed to date, with over 400 apartments already sold.
According to Lady Mone’s press office, The Times’ categorization of the construction as stopped is “damaging as the towers are currently being re-designed.” In an email to Cointelegraph, the press office noted that the clients’ money is currently being held in an escrow account.
Mone had previously another crypto-related initiative known as Equi Capital, according to tech outlet . The Equi project — with reported from Apple co-founder Steve Wozniak — was initially set for launch as an initial coin offering (). Following a $7 million pre-, the ICO was eventually cancelled, with refunds issued to investors due to loss of interest and failure to make targets.
The press office of Lady Mone told Cointelegraph in an email that the Equi project was stopped by them as they worked on their partnership with Wozniak, and thus cannot be considered a failure. The email notes that due to legislation surrounding security , they have a team of lawyers working on how to move forward, with a launch planned for later this year.
In February of this year, the UAE’s largest development firm, Emaar Properties, has officially reports that it enabled for property.
Published at Tue, 30 Apr 2019 06:14:02 +0000
