Page 57 - Magazine December 2020

Contractors News
Properties

Ellington Properties sells first crowd funded apartment

Ellington Properties says it has been able to start the competitive ways to co-own an Ellington apartment
return of investment process to individuals who took but also earn higher rental yield,” said Robert Booth,
shares in its first-ever crowd funded apartment within managing director, Ellington Properties.
its Eaton Place development. “We are offering customers the opportunity to invest
The property developer added that the launch of its in Ellington Properties, starting at a small budget

“elegantly designed apartments” on Smart Crowd, the before moving to own an apartment. We have recorded
first regulated online real estate investment platform, robust response from investors to the new initiative,
sets a new a model in the UAE’s real estate industry. underlined by the successful sale of the Eaton Place
Via the platform, individual investors can commence, apartment through crowd funding. We are committed
build, and start earning income from their real estate to offering digital-first initiatives that will contribute
portfolio investments, “before deciding whether to to strengthening Dubai’s real estate sector, which
fully own the apartment. UAE-based and international has been among the first to gain traction since the
investors can now co-own an Ellington Properties pandemic.”
home through the new digital initiative”, explained the Siddiq Farid, Founder and CEO of Smart Crowd,

developer in a statement. added: “As a regulated digital platform that allows
Ellington Properties listed the one-bedroom Eaton investors to co-own properties in Dubai in just
Place apartment on Smart Crowd at the end of August. four easy steps, we are transforming the property
With co-ownership shares starting from AED 5,000, landscape of Dubai in tune with the new reality. We
the developer said the sale of the first apartment was see tremendous potential for Dubai’s property sector,
fully funded within one month of listing. and through our crowd funding model, more people
“In the new reality, we look at new ways to create value can benefit from the long-term returns that real estate

for our investors. Crowd funding and tokenization offers. Ellington’s design-centric homes appealed to
in real estate is a fast-evolving sector, and we are our investors, and the quick sale of the Eaton Place
honored to take the lead in digitizing our processes apartment is testament to the confidence of investors
and offering investors not only attractive and cost- in Ellington Properties.”

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