Senior Vice President - Development

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

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

Requirements

12+ minimum years of development management experience in managing the development of large retail real estate assets of over AED 500 million in value; Min of 4+ years in a managerial position; Field of experience: Real estate; 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; Bachelor's degree in real estate, land economics, property valuation, architecture or engineering