Richmind has announced the sell-out of Phase 1 of its Oystra development on Al Marjan Island and confirmed the launch of Phase 2 following buyer demand from global markets.
The company said Phase 2 is now open for sale and will include penthouses and duplex units expected to be priced at around AED 75 million and above.
The project is designed by Zaha Hadid Architects and marks the firm’s first residential development on Al Marjan Island.
Phase 1 sell-out confirmed by Richmind
Richmind said data from Phase 1 shows more than 50 per cent of buyers came from Europe, while interest was also recorded from the United States, Canada, China, Australia and Turkey.
To mark the launch, Richmind held an event on 27 January at Ain Dubai attended by investors, dignitaries and industry representatives. DJ Shimza performed at the event.
“The sell-out of Phase 1 is a resounding validation of our vision to bring art into living. Oystra has resonated deeply with the international community, particularly those in Europe who value the fusion of iconic Zaha Hadid architecture with functional luxury – at an evergrowing lifestyle destination like Al Marjan Island. Our Phase 2 launch will see even more exclusivity, premium offerings and limited edition homes, setting this new standard of UAE living to the world. The interest from global investors to buy property in the UAE is a trend we will continue to cater to. Our recent expansion into China with a sales office in Shanghai and our collaboration with Harrods in London in February are strategic steps to be closer to our global clientele,” Mohammad Rafiee, CEO of Richmind said in a statement.
Richmind said the development will include more than 50 amenities including a lagoon, spa, yoga spaces and a golf simulator. The project will also include Ras Al Khaimah’s first 360-degree infinity pool, a beach club and concierge services.
“With Phase 2, we continue the narrative of fluid elegance. The architecture of Oystra is designed to engage with the elements,the sea, the wind, and the light. We are thrilled to see how well the design has been received globally. It confirms that there is a universal language for beauty and innovation, and we look forward to seeing this second phase come to life, offering residents a spatial experience that is both grounding and limitless,” Christos Passas, Director of Design at Zaha Hadid Architects added.
Richmind said construction is progressing toward a planned handover in 2029. The company operates across the UK, Germany, China and the UAE and plans further expansion.
