Pioneering developer Source of Fate raising the UAE’s luxury real estate bar higher

After its Sunshine Bay project in Ras Al Khaimah, the company plans to make an impact across the rest of the country

Source of Fate aims to provide sophisticated coastal living

Source of Fate is drawing a line in the sand as one of the most dynamic new real estate developers in the UAE.

Having already wowed property investors with its luxurious Sunshine Bay project on Ras Al Khaimah’s booming Al Marjan Island, the company is setting its sights on making an impact elsewhere across the country.

Source of Fate, founded in 2021, is “strategically acquiring” plots around the UAE, general manager Majid Jack Hsiung said.

“We wanted to find the best available land, so we carefully acquired a range of land assets and now we are starting to develop them,” he said.

“Source of Fate has a series of upcoming projects, including more yet-to-be-announced developments on Al Marjan Island.

“We also already own a substantial amount of land in prime areas in Dubai and we’ll be announcing these developments over the coming 12 months.”

The recent groundbreaking of Sunshine Bay represented a landmark for Source of Fate - the Dh500 million development is to deliver “incredible views” of the sea, and over the emerging Wynn Al Marjan Island casino and resort to which it will be connected via a walkway reminiscent of the crescent on Dubai’s Palm Jumeirah.

In fact, the project is set to be handed over in Q1 2027, in line with the opening of the Wynn and will mark the next stage of a thrilling real estate journey for Source of Fate.

“We are committed to investing in the UAE and have a Dh10 billion pipeline of luxury real estate developments, launching within the next year,” Mr Hsiung said. “These developments are fully funded through our own private investment.”

This is significant as it guarantees project delivery and supports the company’s aim to build positive, sustainable and friendly communities.

Sunshine Bay sets the standard for what else is to come from Source of Fate, and defines the ethos of the independent luxury real estate developer’s projects to come.

At the heart of that is the general manager's credentials as a real estate creative; Mr Hsiung is an award-winning architect, construction and real estate leader with more than 20 years of experience spanning major residential, retail, office and leisure projects throughout the Middle East and Asia.

Sunshine Bay has already won four global architecture and design awards alongside project partner Mercurio Design Lab (MDL) - an expert Italian company known for innovative concepts - reaffirming Source of Fate’s approach to crafting unique and inspirational properties.

Its prime luxury residential development on Al Marjan Island comprises 240 units across 12 residential floors, blending elegant luxury waterfront living and world-class amenities typically found in five-star resorts.

The property’s sleek architecture has been inspired by the movements of a boat with rippling white sails - and this sense of feel-good wellness extends to the lifestyle of those who will live in Sunshine Bay.

As well as a temperature-controlled infinity pool, residents will access an on-site spa with saunas, steam rooms and green spaces for meditation and relaxation, plus a dedicated gym, fitness areas and an outdoor yoga deck.

The project also capitalises on its location through public community spaces and private residences designed to focus on mental wellness, as well as physical health. It will utilise natural light from sunrise to sunset and throughout the atrium, a tranquil green garden with water features will provide a place to unwind, while those looking for a place to ‘work from anywhere ’will find their own workplace zen within a spacious business lounge.

Sunshine Bay comprises studios, one-bedroom and two-bedroom apartments based on the waterfront, while The Bay Collection features exclusive residences with a private swimming pool.

With Sunshine Bay, Source of Fate says it is setting the template for a future roll-out of elegant communities in sought-after destinations, where sophisticated lifestyle meets luxury living.

Mr Hsiung emphasises that by utilising a roster of world-class architects, engineers and designers, it will create homes that provide harmony for everyday living, while adding lasting value for investors, calling on unmatched attention to detail to deliver beautiful living spaces inspired by design and stylish convenience.

“We are crafting elegant living communities with a focus on premium luxury, sustainability and wellness,” says the general manager. “We are deeply committed to providing lasting value and enriching the overall quality of real estate across the UAE.”

Source of Fate is part of the broader Wheel of Fate group, a conglomerate of business units with operations and investments across the Mena region. It has several operations, including service centre partnerships with the UAE government, automotive trading, car rental, vehicle servicing, F&B and general trading.

Further underlining its high-end property development credentials, Source of Fate appointed esteemed global real estate consultancy Savills, one of the world’s most respected firms, as an expert advisor.

Andrew Cummings, head of residential at Savills Middle East, said he was excited about the prospects for Ras Al Khaimah and the UAE, and the developer’s role.

“Sunshine Bay raises the bar for developments on Al Marjan Island,” he said. “It will be an elegant resort-style community for residents and given the expected boom in tourism, bolstered by the development of hospitality landmarks such as the Wynn Al Marjan Island, we expect a robust return and capital appreciation for investors.”

The Savills expert says Ras Al Khaimah has proved incredibly popular with Europeans, particularly British buyers, plus Russian expatriates for whom the emirate is a popular holiday destination.

“Recently we’ve seen a lot of interest from Asia so we’ve been liaising with offices in China, Singapore and Hong Kong,” said Mr Cummings.

“At the moment, there are investors who see the benefit of capital appreciation in Ras Al Khaimah, which is still incredibly well priced compared to an area like Dubai.

“Sunshine Bay will also be one of the earliest developments to hand over in line with the opening of the Wynn, so it’s perfect for those who will be working on Al Marjan Island as well … well suited to both investors and end-users.”

Savills also sees a “continued strengthening of demand” for UAE real estate, which still offers incredible value “compared to global standards”, and not least as high-end buyers continue to seek great investments in, or a move to, the country.

Mr Cummings said: “Now is a strategic time because we have seen the growth and want to bring the right product to the market at the right time, so there has been a lot of planning by Source of Fate to make sure this product hits the market and delivers effectively what the customer base is currently wanting.”

After spending its nascent years sourcing some of the world’s best architects, designers and contractors to develop a compelling portfolio, Mr Hsiung says Sunshine Bay is only the start of Source of Fate’s journey to develop beautifully designed projects and drive further investment into the UAE.

“Now is the culmination of three years of hard work to be able to bring these developments to market,” he said.

“It was about selecting destinations; we wanted to pick the best locations and sought-after destinations. It was not just about picking the next available plot of land.

“It was about carefully and strategically targeting specific places, such as Al Marjan Island where the potential is massive. That’s something that is very important.”

And with a background that includes technology applications in building systems, a bachelor's degree in architecture, a master's degree in construction management, green building, contracting, engineering, and safety certifications, Mr Hsiung understands the importance of design and how to ensure luxury quality.

“I know how to bring the concepts of the architect to reality, how you ensure a high-end lifestyle,” he said.

“There are many iconic buildings in the UAE, so we understand the importance of crafting distinctive properties that stand out. As a business, we are keen to set new benchmarks for luxury living.”

More information about Source of Fate is available at sourceoffate.com and people can discover what’s on offer at Sunshine Bay, Al Marjan Island, at sof-sunshinebay.com