Several leading real estate developers have submitted proposals to the New Urban Communities Authority (NUCA) for the Zayed Crystal Spark Project to be established using the public-private partnership (PPP) system, reported Amwal Al Ghad.
The developers include Wadi Degla Holding, Emaar Misr, Al Arabia Real Estate Development, and Rooya Group for Real Estate Investment.
The Zayed Crystal Spark project will be located in Sheikh Zayed City, and is set to be the tallest tower in the country, Daily News Egypt reported. The project will span over 190 acres, with 30% of the total area to be used for administrative, commercial and entertainment purposes.
“The project consists of administrative and commercial areas and a central amusement park, in addition to the mixed-purpose Icon Tower,” said Minister of Housing Mostafa Madbouly during the announcement of the project.
”The height allowed for a number of floors of administrative and commercial buildings ranges from eight to 10 floors, and up to three floors for entertainment use, while an increase is allowed for the Icon Tower to 49 floors,” Madbouly added
The total investments for Crystal Spark are estimated at EGP 8 billion, excluding the price of the land. The colossal skyscraper project was announced at the Economic Summit held in Sharm El-Sheikh in March 2015.