A real estate project being planned in Dubai is facing difficulties, as reported by CoinTelegraph. Construction has been put on hold for the Aston Plaza, which is intended to be one of the first major luxury housing developments to be sold for crypto.
The Aston Plaza is a $325 million project being developed by British lingerie designer Baroness Mone, founder of the successful Ultimo brand, and her billionaire partner Douglas Barrowman. It was launched back in 2017, when the bull market was peaking and the couple wanted to merge the tech and property industries in a useful way, offering BTC investors a way to convert their assets into something physical.
Two-bedroom apartments in the building were being sold for $380,000 (or around 45 BTC as of February 2018), while studios were going for around $130,000. 400 of the 1300 units have already been sold, including 50 of the 150 apartments planned for BTC purchase.
Construction on the 2.4 million square foot complex has now been put on hold, in the wake of a visit from government inspectors in January, with the project pausing at roughly 25 percent completion.