Prypco Blocks completes funding for debut property on its platform
DUBAI, May 12, 2024
Prypco Blocks, a Dubai-based real estate fractional ownership platform, has announced that it has successfully completed the funding for its first property located in Downtown Dubai.
A total of 209 investors from over 40 nationalities have so far invested in Bellevue Towers, with an average investment of AED6,220 ($1,693), said the company in a statement.
The funding of Bellevue Towers underscores the remarkable confidence investors have placed in both the innovative concept of Prypco Blocks and the Dubai real estate market, it stated.
Founded by Amira Sajwani, Prypco Blocks has made Dubai’s lucrative real estate market accessible to all. The platform divides an entire property into small, equal fractions, called 'Blocks' to enable real estate investments starting from only AED2,000.
The platform takes care of all the hassles, so the investors don’t have to worry about identifying a property, a heavy downpayment, paperwork, maintenance, or renting the property, explained Sajwani.
To add to investor comfort, Prypco Blocks is regulated by the Dubai Financial Services Authority (DFSA) and adheres to its strict licensing and client money provisions.
The investor’s assets are safeguarded through a dedicated Special Purpose Vehicle (SPV), ensuring legal separation from the operational activities of Prypco Blocks, she explained.
Handpicked by Prypco Blocks' seasoned experts, the one-bedroom apartment in Bellevue Towers stood out for its promising potential.
The property offers an impressive projected annual return of up to 8.13% and an expected return on investment of up to 42% over the holding period.
According to her, Prypco Blocks is poised to become the preferred platform for anyone wanting to invest in the real estate sector.
“We are now in the process of setting up an SPV and issuing the individual share certificates to the investors. We expect to pay out the first rental income by the end of May 2024 and are also excited to share that our second property, located in Business Bay, Dubai, is also nearing 100% funding,” she added.-TradeArabia News Service
