Premier De Muara Sdn Bhd, which is building Picasso Residence on Jalan Jelatek, off Jalan Ampang in Kuala Lumpur, is selling the remaining units using cryptocurrency.

Picasso Residence consists of two towers, Tower A and Tower B, and has a gross development value (GDV) of RM1.08 billion.

The project, which began in the first quarter of 2015, was delayed owing to the Covid-19 pandemic and other lockdowns in 2020 and is now back in full swing.

Premier De Muara Sdn Bhd, the developer, has "reintroduced" the 1.42-hectare project, the company's first residential development.

Datuk Andrew Tan, the company's director, disclosed today at the unveiling of the Picasso Residence sales gallery here that new finances were infused into the project, resulting in development being resumed in full swing.

Tower A, with 270 units, has a 95 per cent take-up rate, according to Tan, and is projected to be completed by September of this year.

Tower B is expected to be completed in the fourth quarter of next year. The current take-up rate is 30 per cent.

The units, which range in size from 1,000 to 2,400 square feet, are priced between RM1.4 million and RM2.4 million.

Tan said that the residences will appeal to expatriates and family-oriented customers, who are their primary target markets.

He added that the dwellings were inspired by the well-known Spanish artist Pablo Picasso.

The project's marketing consultant, Innoventive Consultancy Sdn Bhd, is offering a platform for buyers who want to acquire a unit at Picasso Residence with cryptocurrency.

Its chief executive officer, David Hew, said that the platform, Innobrick.com, will allow customers from all around the world to purchase the units 'live' online.

"Innobrick.com is a tool for foreigners to pay as we are linked with Visa, Master, UnionPay and we are the first to accept cryptocurrencies - tether USDT (US dollar data)," said Hew.

Tether (USDT) is a stablecoin, which is a cryptocurrency that is linked to and backed by fiat currencies such as the US dollar.