Miraggio by Source of Fate – Beachfront Residences on Al Marjan Island
A wave-shaped, AED 2.6 billion development of 810 residences on the central islet of Al Marjan Island, minutes from the Wynn resort: studios to three-bedroom apartments, a private beach, an infinity pool over the Gulf, and 40% of the price payable over two years after you get the keys.
Miraggio — A Gated Beachfront Address on Coral Island
You wake up to the sound of soft waves on the shore, and from the balcony the view runs across clear water to the Wynn tower — the region's only licensed casino resort, opening September 2027. Nobu Residences and JW Marriott frame the same horizon. Miraggio is the flagship of Source of Fate: AED 2.6 billion, 810 residences, sold exclusively through Savills, on the only gated beachfront plot on the central islet.
Source of Fate
Source of Fate is the real estate arm of the Dubai-based Wheel of Fate group, established in 2021 and launched as a developer brand in late 2024 with a declared pipeline of roughly AED 10 billion across five projects in Dubai and Ras Al Khaimah, funded by the parent group. It is led by Dr Majid Jack Hsiung, an award-winning architect and engineer with some twenty years of residential, retail, office and leisure work across the Middle East and Asia. Its debut project, Sunshine Bay on Al Marjan Island — twelve storeys, 240 residences, designed by the Italian studio Mercurio Design Lab, completing 2027 — sold out in about two months and is under construction. Miraggio, launched on 1 October 2025, is the flagship: AED 2.6 billion (USD 708 million), 810 units on the central islet, handover Q4 2028, with Savills appointed as exclusive sales advisor. The developer reported in November 2025 that around 80% of buyers were overseas, led by the United Kingdom, then Turkey, Poland, France, the United States and India.
Note on our own archive: the page this one restores credited a different founder by name. That name is not attested anywhere and has been removed — the developer's own launch release names Dr Majid Jack Hsiung.
Miraggio — Al Marjan Island, Ras Al Khaimah · the only gated beachfront community on the central islet
Ras Al Khaimah is turning into the UAE's fastest-moving second market, and Al Marjan is where that is happening. This is not just a seaside address: it is a gated beachfront plot on Coral Island, minutes from the Wynn Al Marjan Island resort, which Wynn Resorts confirmed in August 2026 will open in September 2027 at a cost of about USD 5.7–5.8 billion.
- Wynn Al Marjan Island Resort
- Al Hamra Marina & Yacht Club
- RAK Track
- Suwaidi Pearls
- Al Hamra Mall
- Manar Mall
- RAK Mall
- RAK Hospital
- Sheikh Khalifa Specialty Hospital
- Al Zahrawi Hospital
- Saqr Hospital
Miraggio by Source of Fate
A single signature residence sculpted to the curve of the coastline.
Miraggio is one wave-inspired structure on Al Marjan Island, shaped to echo the natural line of the shore. Every apartment opens to panoramic views of the Arabian Gulf and the lagoon.
Location in Ras Al Khaimah
Beachfront living on Coral Island near the Wynn resort and the island's luxury hotels.
Private Sandy Beachfront
Direct access to a serene, exclusive beach just steps from your door.
High-Security Access
Face-recognition entry and 24/7 surveillance across the gated community.
Infinity-Edge Pool
Overlooking the Gulf, finished with mosaic Bisazza tiles.
Golf Cart Shuttle Service
For seamless movement across the island.
Smart Home Integration
Powered by Control4 or Lutron systems.
Private Fitness Center
Outfitted with Technogym equipment for cardio and strength training.
Concierge & Butler Service
Available 24/7 for reservations, errands and personal requests.
Lobby by Kristina Zanic
Bespoke interior design with Italian marble and art curation.
Clubhouse Lounge
With private dining areas, a barista station and terrace views.
Indoor Yoga Deck
A Zen-inspired space surrounded by lush landscaping.
Property Types & Floor Plans
rate of 2026-08-10
Studio Apartment
420 ft² (39 m²)
AED 3,143/ft² · ≈ $9,212/m²
1 bathroom · only 48 studios in the whole development · Oct 2025 launch list AED 1.2M
1 Bedroom Apartment
804 ft² (75 m²)
AED 2,488/ft² · ≈ $7,291/m²
2 bathrooms · Bayut asking price at exactly this area, Sep 2026 · launch list AED 1.8M
2 Bedroom Apartment
1,304 ft² (121 m²)
AED 2,592/ft² · ≈ $7,597/m²
3 bathrooms · Bayut asking price at exactly this area, Sep 2026 · launch list AED 3.2M
3 Bedroom Apartment
1,826 ft² (170 m²)
AED 2,881/ft² · ≈ $8,443/m²
4 bathrooms · Bayut asking price at exactly this area, Sep 2026 · launch list AED 4.9M
Miraggio: 20% before completion, 40% on completion, 40% over two years after handover.
This is the schedule published on Source of Fate's own Miraggio microsite, checked 7 September 2026. The plan announced at the 1 October 2025 launch was a 60/40 with a heavier construction phase (10% booking, 45% during construction, 5% on handover, 40% over 24 months post-handover), and Phase II was announced in November 2025 on a 20/40/40. Our own archived page carried an eleven-step ladder that adds up to 90% and repeats one milestone label — it is not published anywhere and has not been reproduced. Get the schedule that applies to your specific unit in writing before you pay the reservation.
Why Miraggio Is Worth Knowing on Al Marjan Island
For Rent
High rental appeal from a prime beachfront position, resort-grade amenities and the tourism curve Ras Al Khaimah is riding. Wynn Al Marjan Island opens in September 2027, roughly a year before Miraggio hands over — so the resort will already be trading when the first tenants move in, which is the sequence a short-let operator wants rather than the reverse.
For Resale
RAK residential prices rose 9.3% in Q1 2026 and apartments about 6.5% year-on-year in H1 2026, and Al Marjan is the sharpest end of that. Be careful whose price-per-foot you use: broker guides quote AED 2,400–2,650/ft² for the island, while the surveyors — ValuStrat at AED 1,160/ft² in Q2 2026 and Cavendish Maxwell at AED 1,219/ft² in Q1 2026 — are roughly half that. The surveyor numbers are the ones to underwrite with. Against the upside: 810 units is a lot of supply on one plot, 40% of your money falls due after you hold the keys, and completion is two years out.
