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SoF breaks ground on $707mln RAK waterfront project

Source of Fate (SOF), a high-end luxury real estate developer under the Wheel of Fate Group, has broken ground on its flagship luxury waterfront project - Miraggio - located on Al Marjan Island in Ras Al Khaimah, thus marking a major milestone for the company and the emirate’s fast-growing real estate sector.

A major AED2.6 billion ($707 million) development, it features a total of 810 residential units with a mix of studios and one- to three-bedroom apartments and other premium amenities.

The start of construction follows the successful completion of key design milestones, including Concept Design (CD) approval and the completion of Schematic and Preliminary Design (SD & PD). 

The project has already recorded sales exceeding 1 billion, with 50 per cent of units secured through off-plan bookings ahead of construction, underscoring robust buyer confidence and sustained demand for premium waterfront living in Ras Al Khaimah.

This higher demand is underpinned by Ras Al Khaimah’s strong real estate performance in 2025. According to recent market data, residential capital values recorded robust growth, with overall prices rising 14.9 per cent year-on-year. Apartments saw increases of 15.5 per cent year-on-year, while villa values grew by 13.8 per cent. Al Marjan Island has led this upward trajectory, with its capital values climbing 16.8 per cent year-on-year, reinforcing its position as one of the emirate’s most sought-after waterfront residential destinations.

Commenting on the milestone, 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," he stated.

According to him, sustainability is embedded throughout the development, with measures including solar-ready infrastructure, greywater irrigation and a central water filtration system designed to reduce plastic use by up to 90% seamlessly integrating responsible living into everyday life," he stated.

SOF has appointed a consortium of top-class partners for the project including VX Studio as the project consultant, bringing award-winning architectural expertise, while HQS Cost Management Consultant oversees cost planning and financial governance. 

NEXT Engineering Consultant, which boasts more than three decades of experience, is responsible for ensuring sustainable, efficient, and technically robust construction practices.

"Construction of Miraggio will adhere to UAE construction standards and international best practices, including the UAE Fire and Life Safety Code, Energy Efficiency Standards, Accessibility Code, Seismic Design Code, and Environmental Building Standards. Global benchmarks such as IBC, IFC, ASHRAE, NFPA, and ASTM will further guide the project, ensuring the highest levels of safety, sustainability, and innovation," said Hsiung.

The project is fully funded, with investments to date supporting key pre-construction and early works. Upcoming milestones include the completion of enabling works, commencement of main construction, and a structured timeline of progressive handovers, he added.-TradeArabia News Service