The Ministry of Housing announced Wednesday the second project, Zayed Crystal Spark, to debut at March’s Economic Summit in Sharm El-Sheikh. The project will contain the highest tower in Egypt, at 200 metres, and is located in Sheikh Zayed City.
October Oasis is the first housing project that will be announced in the Economic Summit. The development is located in the southern expansions of 6th of October City, and will be worth a total investment of EGP 150bn ($19.7bn).
Zayed Crystal Spark will be built on an area of 190 acres (798,000 sqm), in a partnership system between real estate developers and the New Urban Communities Authority (NUCA).
Minister of Housing Mostafa Madbouly said in a press statement that Zayed Crystal Spark is a commercial, administrative and entertaining project.
“The project consists of administrative and commercial areas and a central amusement park, in addition to the mixed-purpose Icon Tower,” added Madbouly.”The height allowed for a number of floors of administrative and commercial buildings ranging from 8 to 10 floors, and up to three floors for the entertainment use, while an increase is allowed for the Icon Tower to 49 floors.”
The investor’s main role is developing, designing, marketing, selling, implementing and financing the project, in addition to assuming obligations to customers without any liability on NUCA, according to the minister.
Madbouly added that the investor has the right to add other activities or components to make the best economic return of the project. The financial offer condition from the investor should include statements of credit and financial merit.
The minister did not mention any statements regarding the investment costs of the Zayed Crystal Spark project.
During the last fiscal year (FY) 2013/2014, the real estate sector contributed 4.6% to the GDP representing (EGP 80bn), achieving a growth rate of 5.9%. The pumped investments in the real estate sector during the last FY totalled EGP 35bn. The real estate sector affects approximately 100 industries, and contains 8% of the workforce in Egypt.