Vice President - Development

Role Overview

Vice President - Development at Aldar Properties, responsible for managing development projects from inception to completion across residential, retail, and mixed-use assets in the UAE.

Role Purpose

Perform and assist in managing development projects activities from inception to completion, involving coordination of multi-disciplinary internal and external consultants and stakeholders to achieve required project deliverables as directed by the line manager.

Key Responsibilities

Business Development

• Assist in managing business development activities for land, residential, retail, and mixed-use assets as directed by the line manager.
• Support in identifying new own development opportunities.
• Support in sourcing new investment with third parties (for example, joint ventures, project finance).
• Support in sourcing development pre-selling and pre-leasing guarantees from end-users.

Feasibility Studies & Financial Modeling

• 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.
• Liaise with Partnerships & Investments and other relevant functions on feasibility studies.
• Develop feasibility study on owned land in conjunction with the line manager.
• Perform infrastructure costing in coordination with Operations.
• Perform high-level cost breakdown of infrastructure distinguishing between recoverable and non-recoverable costs.
• Develop financial model and feasibility studies and liaise with Investment Analysis and other relevant functions.

Land & Asset Strategy

• Recommend allocation of specific assets by segment on land plots.
• Recommend land phasing plan.
• Recommend input to the pricing of land plots based on price benchmark of comparable land plots.
• Research and recommend unit cost by land plot.
• Review and update development manager on schedules for land development in conjunction with Delivery and Controls.
• Review, update, report, and recommend on the allocated land bank from inception, design, delivery of infrastructure, authority handovers, sales, and development on land plots.
• Use market intelligence reports to recommend land use requirements for master plans, matching supply with demand.
• Use market reports and media publications to identify trends in development products related to lifestyle and recommend land use and products that can enhance overall project attractiveness and profitability.

Master Planning & Design Review

• Review and report on pre-concept test fit, concept master plan, and detailed master plan managed and developed by the master planning function.

Progress Monitoring & Reporting

• Review the Delivery team progress and report on progress of delivery and timely handover of government-related assets to reduce operations and maintenance costs and land costs.
• 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.

Commercial & Marketing Strategy

• Support in deciding on refined commercial strategy based on recommendation from Commercial (for example, pricing, sales phasing).
• Support in deciding on marketing strategy (for example, marketing calendar, branding).
• Support in deciding on Asset, PM, and FM strategy, ensuring proper handover and coordination with PM and FM entities and Asset Manager.

Qualifications & Experience

• Minimum 10 years of development management experience in managing development of large residential and retail real estate assets of over AED 500 million in value.
• Background in real estate development.
• Bachelor's degree in real estate, land economics, property valuation, architecture, or engineering.

Skills & Competencies

• 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.

Additional Information

• This role is for UAE National only.