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The one-bed unit in Kensington Waters is located in Mohammed Bin Rashid City Dubai-based fractional ownership platform PRYPCO Mint has launched its second tokenised real estate listing, which will go live on 11 June 2025. The new listing is a one-bedroom apartment in the Kensington Waters project in Mohammed Bin Rashid City, valued at 1.5 million UAE dirhams ($408,404), which is offered at a discount compared to its estimated market value of AED 1.88 million, the company said in a statement. The fractional ownership starts from AED 2,000. Launched in May 2025, PRYPCO Mint is a joint initiative between the Dubai Land Department (DLD) and PRYPCO. The platform’s first property, a two-bedroom apartment in Business Bay, attracted 224 investors from over 40 nationalities, with an average investment of AED 10,714. Listed at AED 2.4 million, below its DLD valuation of AED 2.89 million, the listing was fully funded within one day, the statement said. DLD has issued property token ownership certificates to the first cohort of investors, officially recognising this new form of blockchain-backed ownership. The investment through the platform is currently available to UAE residents holding valid Emirates IDs, but is expected to open to international investors in its next phase. The Real Estate Tokenisation project operates under a framework developed by the Dubai Land Department in partnership with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the UAE, the Dubai Future Foundation (DFF) via the Real Estate Sandbox. Ctrl Alt powers the project’s blockchain infrastructure, issuing secure ownership tokens on the XRP Ledger, while Zand Bank serves as the official banking partner. |
