About the Role
Lead individual development projects from inception to completion, involving feasibility studies and the management and coordination of multi-disciplinary internal and external consultants and stakeholders to achieve the required project deliverables as directed by the Director.
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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 a 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 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 recommendations 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 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.
- Assist in the selection, negotiation, and appointment of consultants, contractors, and service providers based on Procurement’s recommendations.
- Aid in deciding on project schedule and anticipate/resolving possible roadblocks 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 solutions on deviations.
- Support in the negotiation of the Heads of Terms for asset purchase and lease agreements with all third-party entities in collaboration with internal leasing and legal departments.
- Collaborate 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 (e.g., ERV, retail mix, phasing, market timing, etc.).
- Assist in determining marketing strategy (e.g., marketing calendar, branding, etc.).
- Support in deciding on Asset, PM, and FM strategy, ensuring proper handover and coordination with PM, FM entities, and Asset Manager.
Years of Experience / 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.
Years of Experience in Managerial Position
- Minimum of 4+ years in a managerial position.
Field of Experience
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 approved business plan.
- % Deviation of appraisal value (profit-based approach).
