Construction has begun on Miraggio, a luxury waterfront residential project on Al Marjan Island, developed by Source of Fate (SOF), a real estate company under the Wheel of Fate Group.
The start of works follows the completion of key design stages, including concept design approval and schematic and preliminary design. The project marks a new phase for Source of Fate as it enters active development on one of Ras Al Khaimah’s fastest-growing residential islands.
Construction milestone
Miraggio has recorded sales of more than Dhs 1 billion so far, with around 50 per cent of units sold through off-plan bookings before construction began. The developer said this reflects continued demand for waterfront homes in Ras Al Khaimah, particularly on Al Marjan Island.
Market performance
Ras Al Khaimah’s residential market showed strong growth in 2025, supporting buyer interest in new developments. Market data indicates that overall residential prices rose by 14.9 per cent year-on-year. Apartment prices increased by 15.5 per cent, while villa values grew by 13.8 per cent. Al Marjan Island recorded a 16.8 per cent annual increase in capital values, the highest in the emirate.
Commenting on the project’s progress, Dr. Majid Jack Hsiung, General Manager at Source of Fate, said: “Reaching 50 per cent off-plan bookings ahead of construction underscores a fundamental shift in buyer expectations. Homeowners and investors today are seeking more than premium finishes. They are seeking environments that support wellbeing, balance, and a meaningful connection with nature. Miraggio was conceived with this philosophy at its core, and as construction commences, our focus is to deliver that vision through uncompromising quality, disciplined timelines, and operational excellence at every stage.”
Source of Fate has appointed several consultants for the project. VX Studio is serving as project consultant and architectural lead, while HQS Cost Management Consultant is overseeing cost planning. NEXT Engineering Consultant has been appointed to manage engineering and construction oversight.
Construction will follow UAE regulations and international building standards, including fire and life safety, energy efficiency, accessibility, and environmental requirements. The project will also apply global construction benchmarks related to safety and performance.
Sustainability features planned for Miraggio include solar-ready infrastructure, greywater irrigation systems, and a central water filtration system aimed at reducing plastic use by up to 90 per cent.
The project is fully funded, according to the developer. Upcoming stages include enabling works, the start of main construction, and phased handovers in line with the project timeline.
Miraggio is located on Al Marjan Island, an area that continues to attract residential and investment activity as Ras Al Khaimah expands its waterfront real estate offerings.
