Richmond Residences at Mira Coral Bay

Richmond Residences is the first project in Mira Coral Bay, a new beach community on the Al Mairid waterfront in Ras Al Khaimah – 293 fully furnished residences with interiors by fashion house John Richmond. The roughly 220,000 m² masterplan was designed by Archea Associati and is being developed with Marjan, Ras Al Khaimah's government-backed master developer. It will offer private sandy beaches, a yacht club, branded beach clubs and five-star resorts.

Al Mairid is an established coastal district with schools, RAK Hospital, Manar Mall and the Corniche promenade, 10 minutes from the city centre. It is not yet as developed as Al Marjan Island or Mina Al Arab – the project is a bet on the area's growth at introductory prices.

Studios, 1- to 3-bedroom apartments and duplexes from 40 m² come fully equipped with Italian furniture, appliances and linens, backed by a 5-year Mira Care warranty on structure and systems. The developer estimates a net short-let yield of around 13% a year (at AED 450/night and 62% occupancy), so a large share of the post-handover instalments can be covered from rent. Demand exceeded expectations, so the developer released two towers at once at first-launch prices.