Vice President - Development

JOB PURPOSE

• Manage and perform individual development projects from inception to completion which involves co-ordination of multi-disciplinary internal and external consultants and stakeholders to achieve the required project deliverables as directed by the line manger

ROLES AND RESPONSIBILITIES

• Manage and perform the business development activities for land, residential retail and mixed-use assets

• Identify new own developments opportunities

• Recommend developments portfolio strategy (including sub-segment mix)

• Support in sourcing new investment with third parties (e.g., JVs, project finance, etc.)

• Support in sourcing developments pre-selling/pre-leasing guarantee from end-users

• Develop and prioritize pipeline of potential new developments on land bank

• Identify long-list of potential opportunities

• Develop framework for preliminary prioritization / screening

• Perform feasibility studies for residential, retail and mixed-use assets and seek approval from line manager

• Perform project costing in coordination with Project Management

• Develop financial model in collaboration with Partnerships & Investment and other relevant functions

• Manage development appraisal to ensure accuracy and identify factors impacting the development performance at the earliest opportunity

• Manage developments from inception to completion in accordance with the Investment Control Process to ensure timely delivery within established parameters

• Make recommendation to the Director on optimal and balanced solutions to problems arising during the development process

• Support in deciding on design brief and manage input and performance from Project Management

• Critique, analyze and challenge the design proposals presented by consultants and recommendations by internal resources to ensure that key development criteria are achieved

• Develop and manage the Phasing and Procurement strategy in collaboration with Project Management

• Support in the selection, negotiation, appointment of consultants, contractors and service providers based on Procurement’s recommendation

• Support in deciding on project schedule, anticipate and resolve possible roadblocks to completion of construction to ensure on-time project delivery

• Produce and manage the development’s Risk Register

• Perform continuous monitoring of design and project deliverables, program and risk register

• Provide constant progress updates and monthly written reports on constructionprogress

• Identify major issues or conflicts and recommend appropriate solutions

• Monitor development budgets against projected and actual costs and recommend appropriate solutions on deviations

• Support in the negotiation of the Heads of Terms for asset purchase and lease agreements with all 3rd party entities in collaboration with internal leasing and legal departments

• Support in collaboration with internal sales, leasing and legal departments in the production of the Heads of Terms for sales contracts and retail leases.

• Support in deciding on refined commercial strategy based on recommendation from Commercial (e.g., ERV, retail mix, phasing, market timing, etc.)

• Support in deciding on marketing strategy (e.g., marketing calendar, branding, etc.)

• Support in deciding on Asset, PM and FM strategy, ensure proper handover and coordination with PM and FM entities and Asset Manager

RELATED YEARS OF EXPERIENCE

Min of 10+ years of development management experience in managing the development of large residential and retail real estate assets of over AED 500 million in value

YOE IN MANAGERIAL POSITION

Min of 2+ years of managerial experience

FIELD OF EXPERIENCE

Real estate

TECHNICAL AND INTERPERSONAL SKILLS

• Strong understanding of valuation, appraisals and financial modeling of residential and commercial development

• Strong knowledge and exposure to the GCC real estate market with large master developers with annual revenue of at least AED 2 billion

• Strong understanding of architectural design and construction

• Solid understanding of contract procurement policies and procedures gained in the Procurement function of a real estate developer in the GCC real estate industry

QUALIFICATION

• Bachelor’s degree in real estate, land economics, property valuation, architecture or engineering