Source of Fate (SOF), the high-end luxury real estate developer under the Wheel of Fate Group, has commenced construction on Miraggio, its flagship luxury waterfront development on Al Marjan Island, marking a major milestone for the company and the Emirate’s fast-growing real estate sector.

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.”

Reflecting its commitment to excellence, Source of Fate has appointed a consortium of world-class partners to deliver Miraggio to the highest levels of quality, safety, and performance. VX Studio leads as Project Consultant, bringing award-winning 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.

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 per cent, 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.

Set to redefine luxury living in Ras Al Khaimah, Miraggio reflects Source of Fate’s vision of creating human-centric, environmentally responsible, and meticulously crafted communities, reinforcing Al Marjan Island’s status as one of the UAE’s most sought-after waterfront destinations.

Abu Dhabi, UAE, 21 January 2026 — Object 1, an award-winning and rapidly growing real estate developer, has closed a major land investment in Abu Dhabi, marking a significant step forward in its expansion into the capital. The developer has acquired four waterfront plots on Al Reem Island, within the Shams Gate District, with a combined development area of over 2 million square feet and a total sales value of AED 4.5 billion.

The transaction marks a defining next step following Object 1’s expansion into Abu Dhabi in late 2025, which included the launch of its first Sales Gallery in the capital and its long-term growth plans for the emirate. Al Reem Island land acquisition reflects the company’s alignment with the government’s National Family Growth Agenda 2031. With 2026 designated as the Year of Family, the investment prioritises land positions suited to long-term residential communities, encouraging stability, community-led living, and environments that support families at different life stages.

Egor Maslennikov, Chairman and Founder of Object 1,said: “Our entry into Abu Dhabi was always intended as a long-term commitment, not a one-off expansion. Closing this investment on Al Reem Island reflects our confidence in the capital’s direction and our readiness to contribute meaningfully to its residential landscape. Abu Dhabi offers the right balance of stability, planning clarity, and community demand, which aligns closely with how we build.”

Abu Dhabi’s real estate market has entered a phase of accelerated growth, supported by rising buyer confidence and structural shifts in how the market is developing. Sales activity climbed sharply over the past year, with transactions increasing by 76% and total deal values more than doubling to AED 25.3 billion, reinforcing the capital’s appeal as a stable, high-growth destination for long-term residential investment.

Against this backdrop, the capital now stands as a core pillar of Object 1’s UAE strategy, building on the company’s momentum after delivering more than 2,600 homes and establishing a development pipeline exceeding 4.5 million square feet in Dubai. The Al Reem Island commitment positions the developer as an active participant in Abu Dhabi’s next phase of growth, translating its Dubai momentum into lasting impact in the capital.

This Ramadan, Homebox unveiled its flagship seasonal campaign, For Every Way You Gather, through an exclusive, event attended by leading influencers, VIP guests, and members of the media. Thoughtfully curated to reflect the many rhythms of Ramadan life, the experience brought to life a tapestry of gathering styles — from grand family iftars filled with laughter and legacy, to intimate evenings with friends and colleagues, cozy game nights, outdoor majlis suhoors under the stars, and the quiet, soulful moments. Each setting was styled to demonstrate how Homebox enables every home to become a sanctuary of connection, beauty, and belonging during the holy month.

“Ramadan is a time of deep meaning across our region — a season of reflection, generosity, and togetherness,” said Mr.Ajay Antal, CEO Homebox GCC. “With For Every Way You Gather, we wanted to honor the beautifully diverse ways our customers open their homes and hearts during this time. Our collections are designed to support those moments — whether they are grand celebrations or simple everyday gatherings.”

A central focus of the campaign is Homebox’s Living and Dining furniture, designed for comfort, hospitality, and meaningful connection. The collection spans modular and corner sofas, dining tables and chairs, coffee tables, sideboards, serving trolleys, and indoor and outdoor majlis seating. Signature ranges include Scallop’s Scandinavian-inspired elegance, Majesty’s functional contemporary designs, Modena’s marble and gold accents, Bellmar’s solid wood and marble craftsmanship, alongside the Vivian collection, Zabilia modular majlis seating, and outdoor majlis setups. Complementing this is a curated selection of Ramadan homeware and décor, presented through three stories — Arabesque, Sands & Palms, and Celestial — designed to elevate hosting with warmth, tradition, and style.

“Our role goes beyond furniture,”Mr. Ajay added. “As Homebox continues to expand toward 50+ stores and strengthen its e-commerce presence, our focus remains on helping people shape the moments that matter at home. By combining thoughtful design, everyday functionality, and accessible pricing, we make it easier for families across the GCC to create spaces that are comfortable, stylish, and truly their own.