Senior Vice President - Development

Job Description:

JOB PURPOSE

Lead individual development projects from inception to completion which involves feasibility studies and the management and co-ordination of multi-disciplinary internal and external consultants and stakeholders to achieve the required project deliverables as directed by the Director

ROLES AND RESPONSIBILITIES

• Perform 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.
• Develop 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 deciding on detailed project costs based on Procurement and Project Management input
• 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
• Address key procurement contract variations arising from differences in project design raising major issues to the line manager
• 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 construction progress
• 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

YoE / QUALIFICATIONS / SKILLS

RELATED YEARS OF EXPERIENCE

12+ minimum years of development management experience in managing the development of large retail real estate assets of over AED 500 million in value

YOE IN MANAGERIAL POSITION

Min of 4+ years in a managerial position

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

KEY RESULT AREAS

• Average variance to launch plan (new, existing & complimentary assets)
• % Projects handover (to internal and external customers) as per final approval business plan
• % Deviation of appraisal value (profit-based approach)

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