SOF begins construction on $707 million Miraggio waterfront development in Ras Al Khaimah

Saturday, 24 January 2026

Source of Fate (SOF) has officially broken ground on Miraggio, a landmark luxury waterfront project on Al Marjan Island, reinforcing Ras Al Khaimah’s position as a leading destination for premium residential living.

Key Highlights:

SOF launches construction of Miraggio, a flagship luxury waterfront development on Al Marjan Island
Total project value of AED 2.6 billion ($707 million)
Development features 810 residential units, including studios and one- to three-bedroom apartments
Project reached 50% off-plan bookings prior to construction, reflecting strong market confidence
Sales have already exceeded AED 1 billion, highlighting sustained demand for waterfront homes
Design milestones successfully completed, including Concept Design approval and Schematic & Preliminary Design
Master-planned to support wellbeing, balance, and connection with nature
Sustainability features include solar-ready infrastructure, greywater irrigation, and central water filtration systems
Al Marjan Island continues to lead Ras Al Khaimah’s real estate growth with strong year-on-year value appreciation
Project supported by leading consultants, including VX Studio, HQS Cost Management, and NEXT Engineering Consultant
Construction aligned with UAE regulations and international building standards, ensuring quality and innovation