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Senior Development Manager
2 months ago
About the Role
Aldar Properties PJSC is seeking a highly experienced Senior Development Manager to join our team. As a key member of our development team, you will be responsible for managing the development of large residential and retail real estate assets.
Key Responsibilities
- Manage business development activities for land, residential retail and mixed-use assets, ensuring timely completion of projects and delivery of required project deliverables.
- Identify new development opportunities and support in sourcing new investments with third parties.
- Develop feasibility studies for residential, retail and mixed-use assets and seek approval from senior management.
- Perform project costing and develop financial models in collaboration with relevant functions.
- Liaise with Partnerships & Investments and other relevant functions on feasibility studies.
- Develop feasibility studies on owned land, recommending allocation of specific assets by segment, land phasing plans, and pricing of land plots.
- Research and recommend unit costs by land plot and perform infrastructure costing in coordination with Operations.
- Develop financial models and feasibility studies, and liaise with Investment Analysis and other relevant functions on feasibility study.
- Review the delivery team's progress and report on the timely handing over of government-related assets to reduce O+M costs and land costs.
- Review and report on pre-concept test fit, concept master plan, and detailed master plan managed and developed by the master planning function.
- Review, update, 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 project attractiveness and profitability.
- Review and update the development manager on schedules for land development in conjunction with Delivery and Controls.
- 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 deciding on refined commercial strategy based on recommendations from Commercial.
- Support in deciding on marketing strategy.
- Support in deciding on Asset, PM, and FM strategy, ensuring proper handover and coordination with PM and FM entities and Asset Manager.
Requirements
A minimum of 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.
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.
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.