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