Premium developer Richmind has unveiled “Oystra,” a landmark residential project designed by Zaha Hadid Architects on Al Marjan Island, marking its entry into the United Arab Emirates’ rapidly expanding northern property market with a development pipeline exceeding $1 billion.
The high-profile launch event at Dubai’s Coca-Cola Arena featured British music star Craig David and showcased the development’s distinctive curved architecture, inspired by “the natural energy of the sea and sky,” according to Christos Passas, Director of Design at Zaha Hadid Architects.
Oystra will offer residences ranging from one- to four-bedroom apartments, duplexes, penthouses, and waterfront villas, with prices starting at AED2.9 million ($789,700). The project, scheduled for completion in Q1 2029, will feature a 150-metre crystal lagoon, private shoreline, and what developers claim will be the emirate’s first 360-degree infinity pool.
“Oystra is a jewel in our development portfolio and so much more than just a project — it is a statement of intent, design and pure marvel,” said Mohammad Rafiee, CEO of Richmind, at the launch event.
The development joins a surge of luxury projects in Ras Al Khaimah (RAK), which saw real estate transactions reach AED15.08 billion in 2024, marking a 118 per cent increase from the previous year. Off-plan property prices have risen by 15-20 per cent during the same period, driven by high demand and limited supply in the emirate.
Architect Abdulla Al Abdouli, CEO of Marjan, the master developer of Al Marjan Island, said: “Oystra reflects the kind of forward-thinking development that aligns perfectly with our ambition to position Ras Al Khaimah as a global destination for tourism, luxury, and investment.”
The project enters a competitive market of branded residences in RAK, alongside recently announced developments from hospitality giants including Fairmont, Four Seasons, Waldorf Astoria, JW Marriott, and Taj. Industry analysts project that branded residences will constitute 40 per cent of RAK’s residential units by 2029.
Al Marjan Island has become a focal point for luxury development, with Wynn Resorts’ $3.8 billion integrated resort — holder of the UAE’s first commercial gaming licence — set to open in 2027, further driving investor interest in the area.
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