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