Source of Fate has commenced construction on Miraggio, its luxury waterfront development on Al Marjan Island, marking a major milestone for the company and the emirate’s real estate sector.
The start of construction follows the successful completion of key design milestones, including concept design approval and the completion of schematic and preliminary design. The project has already secured 50% of units 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% YoY. Apartments saw increases of 15.5% YoY, while villa values grew by 13.8%. Al Marjan Island has led this upward trajectory, with its capital values climbing 16.8% 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% 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.”
Reflecting its commitment to excellence, Source of Fate has appointed a consortium of renowned partners to deliver Miraggio to the highest levels of quality, safety, and performance. VX Studio leads as Project Consultant, bringing architectural expertise, while HQS Cost Management Consultant oversees cost planning and financial governance. NEXT Engineering Consultant, with 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, the firm said.
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.
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, the developer concluded.
Source of Fate breaks ground on Mirragio Middle East Construction News.
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