Vice President - Development

Role Overview

Vice President – Development at Aldar Properties. The role manages and performs individual development projects from inception to completion, coordinating multi-disciplinary internal and external consultants and stakeholders to achieve required project deliverables as directed by the line manager.

Role Purpose

To manage and deliver development projects for land, residential, retail and mixed-use assets, from strategic identification and feasibility through to completion, ensuring optimal financial performance, timely delivery within budget, and alignment with commercial and investment objectives.

Key Responsibilities

Business Development

• Identify new own development opportunities for land, residential, retail and mixed-use assets.
• Recommend developments portfolio strategy, including sub-segment mix.
• Support sourcing new investment with third parties, such as joint ventures and project finance.
• Support sourcing development pre-selling and pre-leasing guarantees from end-users.

Pipeline Development

• Develop and prioritize pipeline of potential new developments on land bank.
• Identify long-list of potential opportunities.
• Develop framework for preliminary prioritization and screening.

Feasibility & Financial Analysis

• Perform 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 development performance at the earliest opportunity.

Project Delivery & Problem Resolution

• 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 design proposals presented by consultants and recommendations by internal resources to ensure key development criteria are achieved.
• Develop and manage Phasing and Procurement strategy in collaboration with Project Management.
• Support in the selection, negotiation and 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.

Risk & Performance Monitoring

• 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.

Commercial & Contractual Support

• Support in the negotiation of Heads of Terms for asset purchase and lease agreements with all third-party entities in collaboration with internal leasing and legal departments.
• Support in collaboration with internal sales, leasing and legal departments in the production of Heads of Terms for sales contracts and retail leases.
• Support in deciding on refined commercial strategy based on recommendation from Commercial, such as ERV, retail mix, phasing and market timing.
• Support in deciding on marketing strategy, such as marketing calendar and branding.
• Support in deciding on Asset, PM and FM strategy, ensure proper handover and coordination with PM and FM entities and Asset Manager.

Qualifications & Experience

• Minimum 10+ years of development management experience in managing the development of large residential and retail real estate assets of over AED 500 million in value.
• Minimum 2+ years of managerial experience.
• Real estate field of experience.
• 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.