Mountain View Pays EGP 400 Million Initial Fee for North Coast ‘Crysta’ Project
Sources at the New Urban Communities Authority (NUCA) confirmed that Mountain View has paid an initial installment of EGP 400 million, representing 20% of the developer replacement fees, for its Crysta project on Egypt’s North Coast. The payment comes in line with presidential directives regulating land ownership and development in the North Coast region.
According to the source, Crysta is the first project to complete this step under the new framework, which sets a fee of EGP 1,000 per square meter of land, with 20% paid upfront and the remainder spread over five years with facilitated interest terms for Egyptian developers.
The move underscores Mountain View’s commitment to finalizing official procedures for the Crysta project within the designated timeline. It also highlights the company’s position as a leading real estate developer actively supporting Egypt’s urban development strategy and maintaining strong cooperation with government entities.