The UAE is set to witness the launch of a large scale real estate blockchain tokenization project called Desert Pearl. Dubai based tokenization consultancy company, DDX, which is involved in both real estate and gold tokenization projects announced Desert Pearl.
As per their website, “This amazing blockchain tokenization project will be the first large scale tokenization project.” The project vision is to create an eco-tourist attraction that combines Dubai’s history and heritage with the natural beauty of the desert.
The DDX Global team and its partners will build a desert resort city with hotels, apartments, shops, entertainment and business venues. Current plans are to build 1000 hotel rooms, 1200 apartments, a shopping mall and conference center, alongside an amazing pearl shaped building for tourism and entertainment (40 storeys high), as well as a Museum and Heritage center.
The project will be tokenized using Blockchain technology. Land tokens will be collaboratively minted by DDX Launchpad partners. DDX Global and its partners will carry out the development over the next 5 years.
Chris Santilhano, Chief Operating Officer of DDX Global stated, “Our aim as a tokenization consultancy is to leverage blockchain technology for tokenizing real-world assets, we are committed to creating exceptional value for our investors. In addition to the opportunity for long-term value, our strategic approach of digitizing real estate assets will help strengthen liquidity and enhanced international investment in Dubai’s property sector. Our goal is to create a blue-print for responsible real estate tokenization. The integration and interaction of different tokens and their use cases contribute to the DDX Global ecosystem. We are bridging two core markets – the luxury property sector in Dubai with the growth in fintech enterprises driven by Web3 innovation.”
Designed by Zhuzh, a Dubai-based international luxury, bespoke architectural design company, Desert Pearl will feature two luxury hotels, luxury apartments, a high-end commercial cluster and a luxury retail precinct in addition to a boulevard and private marina. The luxury boutique hotel with 88 keys will also house an arena, an Arabic astronomy museum, planetarium, Concord’s Gallery, and hanging gardens.
The first residential building in Desert Pearl is the Qamar Residences, featuring the Pearl Collection of homes at 400 square meters, the Oasis Collection at 650 square meters and the Sky Penthouse, a triplex, will be a record breaking 5,000 square metres. All the items in the apartments will be customized. All these assets can be tokenized, delivering more value for investors. More details of the project will be announced shortly.
‘Desert Pearl’ resort in Dubai will combine sustainability and high-end tokenization.