Summary
Aldar Properties is seeking a Senior Vice President, Development in Abu Dhabi to lead real estate projects from inception through completion. The role covers development opportunities, portfolio strategy, feasibility studies, financial models, appraisals, budgets, procurement, risk registers and project delivery. Candidates need at least 12 years of development management experience, including large retail real estate assets valued above AED 500 million, and at least four years in a managerial position. A bachelor’s degree in a related field and strong knowledge of the GCC real estate market are required.
The posting
As published on aldar.com. Pulled from the employer's site and shown as they wrote it.
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)