UAE-based developer Richmind has sold out Phase 1 of its Oystra residential project on Al Marjan Island and has opened Phase 2 for sale, citing strong demand from international buyers.
Richmind confirmed that all units in Phase 1 of Oystra have been sold. The project is located on Al Marjan Island in Ras Al Khaimah and is the company’s flagship development. Following the sell-out, Phase 2 has been released to the market.
According to the developer, more than half of Phase 1 buyers came from Europe. Interest was also recorded from the United States, Canada, China, Australia and Turkey. Oystra is designed by Zaha Hadid Architects, marking the firm’s first residential project on Al Marjan Island.
Phase 2 will include a limited number of ultra-luxury penthouses, which are expected to be priced at around Dhs 75 million.
Phase 2 launch
Richmind marked the Phase 2 launch with an event held on January 27 at Ain Dubai. The event was attended by investors, industry figures and partners.
Mohammad Rafiee, CEO of Richmind, said: “The sell-out of Phase 1 is a resounding validation of our vision to bring art into living. Oystra has resonated deeply with the international community, particularly those in Europe who value the fusion of iconic Zaha Hadid architecture with functional luxury – at an evergrowing lifestyle destination like Al Marjan Island.
“Our Phase 2 launch will see even more exclusivity, premium offerings and limited edition homes, setting this new standard of UAE living to the world. The interest from global investors to buy property in the UAE is a trend we will continue to cater to. Our recent expansion into China with a sales office in Shanghai and our collaboration with Harrods in London in February are strategic steps to be closer to our global clientele.”
Global expansion
The developer has recently opened a sales office in Shanghai and plans to hold a series of European roadshows in February, with scheduled stops in Manchester and Hamburg, along with a showcase at Harrods in London.
Project features
Oystra will include more than 50 amenities, such as a lagoon, spa, yoga spaces and a golf simulator. The development will also feature a 360-degree infinity pool, a beach club and a 24-hour concierge service. Richmind said it plans to announce a hospitality brand partnership later this year.
Christos Passas, Director of Design at Zaha Hadid Architects, said: “With Phase 2, we continue the narrative of fluid elegance. The architecture of Oystra is designed to engage with the elements,the sea, the wind, and the light. We are thrilled to see how well the design has been received globally. It confirms that there is a universal language for beauty and innovation, and we look forward to seeing this second phase come to life, offering residents a spatial experience that is both grounding and limitless.”
Construction is ongoing, with handover scheduled for 2029. Richmind also recognised its top-performing brokerage partners during the launch event. The company operates across the UAE, the UK, Germany and China.
