Senior Vice President - Development

Job Purpose

Manage the performance and delivery of the Portfolio Management team’s residential, commercial and other applicable development projects from Pre-Concept Design to BCC, with the goal of enhancing value and maximizing return of the portfolio.

Please note, this role is for UAE nationals only.

Roles And Responsibilities

1. Perform business development activities for land, residential retail and mixed-use assets.
2. Identify new own developments opportunities.
3. Recommend developments portfolio strategy (including sub-segment mix).
4. Support in sourcing new investment with third parties (e.g., JVs, project finance, etc.).
5. Support in sourcing developments pre-selling/pre-leasing guarantee from end-users.
6. Develop and prioritize pipeline of potential new developments on land bank.
7. Identify long-list of potential opportunities.
8. Develop framework for preliminary prioritization / screening.
9. Develop feasibility studies for residential, retail and mixed-use assets and seek approval from line manager.
10. Perform project costing in coordination with Project Management.
11. Develop financial model in collaboration with Partnerships & Investment and other relevant functions.
12. Manage development appraisal to ensure accuracy and identify factors impacting the development performance at the earliest opportunity.
13. Manage developments from inception to completion in accordance with the Investment Control Process to ensure timely delivery within established parameters.
14. Make recommendation to the Director on optimal and balanced solutions to problems arising during the development process.
15. Support in deciding on design brief and manage input and performance from Project Management.
16. Critique, analyze and challenge the design proposals presented by consultants and recommendations by internal resources to ensure that key development criteria are achieved.
17. Develop and manage the Phasing and Procurement strategy in collaboration with Project Management.
18. Support in deciding on detailed project costs based on Procurement and Project Management input.
19. Support in the selection, negotiation, appointment of consultants, contractors and service providers based on Procurement’s recommendation.
20. Support in deciding on project schedule, anticipate and resolve possible roadblocks to completion of construction to ensure on-time project delivery.
21. Address key procurement contract variations arising from differences in project design raising major issues to the line manager.
22. Produce and manage the development’s Risk Register.
23. Perform continuous monitoring of design and project deliverables, program and risk register.
24. Provide constant progress updates and monthly written reports on construction progress.
25. Identify major issues or conflicts and recommend appropriate solutions.
26. Monitor development budgets against projected and actual costs and recommend appropriate solutions on deviations.
27. 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.
28. Support in collaboration with internal sales, leasing and legal departments in the production of the Heads of Terms for sales contracts and retail leases.
29. Support in deciding on refined commercial strategy based on recommendation from Commercial (e.g., ERV, retail mix, phasing, market timing, etc.).
30. Support in deciding on marketing strategy (e.g., marketing calendar, branding, etc.).
31. Support in deciding on Asset, PM and FM strategy, ensure proper handover and coordination with PM and FM entities and Asset Manager.

Qualifications & Experience

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.

FIELD OF EXPERIENCE:
Real estate development.

TECHNICAL AND INTERPERSONAL SKILLS:

1. Strong understanding of valuation, appraisals, and financial modeling of residential and commercial development.
2. Strong knowledge and exposure to the GCC real estate market with large master developers with annual revenue of at least AED 2 billion.
3. Strong understanding of architectural design and construction.
4. 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(S):

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