After its landmark Sunshine Bay project in Ras Al Khaimah, the developer sets its sights on expanding nationwide.
Source of Fate is asserting its presence as one of the UAE’s most ambitious new real estate developers. The company has already garnered attention with its high-end Sunshine Bay project on Al Marjan Island in Ras Al Khaimah and is now poised to spread its footprint across the UAE.
Established in 2021, Source of Fate is focusing on strategic land acquisitions across the UAE. General Manager Majid Jack Hsiung stated, “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.” The company is already preparing for future projects, including new developments planned for Al Marjan Island, alongside other prime locations in Dubai.
The groundbreaking of Sunshine Bay marked a significant milestone for the developer. This Dh500 million project promises unparalleled sea views and connectivity to the upcoming Wynn Al Marjan Island casino and resort via a unique walkway reminiscent of Dubai’s Palm Jumeirah. The project, set to be completed by Q1 2027, aligns with the resort’s opening and marks an ambitious expansion phase 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 funding strategy reinforces the company’s commitment to reliable project delivery and the creation of sustainable, vibrant communities.
Sunshine Bay’s design stands as a testament to Source of Fate’s vision. Partnering with Mercurio Design Lab (MDL), the project has won four global architecture and design awards. The 240-unit residential development integrates luxurious waterfront living with top-tier amenities, embodying a five-star resort lifestyle. The building’s form draws inspiration from the elegance of a sailing boat with white, rippling sails, creating a sense of wellness that permeates the entire living experience.
Residents of Sunshine Bay will enjoy a temperature-controlled infinity pool, a spa with saunas and steam rooms, meditation areas, and a state-of-the-art gym. The development also features outdoor yoga decks and private business lounges, promoting both physical and mental well-being. The atrium will include a garden with water features, designed as a sanctuary of peace.
“We are crafting elegant living communities with a focus on premium luxury, sustainability and wellness,” Mr. Hsiung emphasized. “We are deeply committed to providing lasting value and enriching the overall quality of real estate across the UAE.”
Source of Fate’s affiliation with the Wheel of Fate group, a conglomerate with diverse investments throughout the MENA region, strengthens its profile. The group’s portfolio spans automotive trading, F&B, and general trading, complementing its real estate ventures.
To further bolster its standing, Source of Fate has partnered with global real estate advisory firm Savills. Andrew Cummings, head of residential at Savills Middle East, highlighted the transformative impact of Sunshine Bay, noting, “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.”
Savills also noted the rise in interest from European and Asian investors seeking value in Ras Al Khaimah’s relatively affordable market compared to Dubai.
Mr. Hsiung emphasized the meticulous selection process behind the projects, stating, “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.”
With a robust background in architecture, construction management, and green building, Mr. Hsiung has the expertise to transform visionary concepts into reality. “There are many iconic buildings in the UAE, so we understand the importance of crafting distinctive properties that stand out,” he said. “As a business, we are keen to set new benchmarks for luxury living.”