Senior Vice President - Development
Abu Dhabi Aldar Development – Development Management / Experienced hires / On-site
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 • 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
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: • 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(S): • Bachelor’s degree in real estate, land economics, property valuation, architecture, or engineering.
