Virtuous Retail - Associate - Development Management

Function(s) : Development Management

Functional Title : Associate, Development Management

Reporting To : Director, Development Management

Start Date : ASAP; applications will be accepted up to 21.05.21 and must include a cover letter

Location : Mumbai (with regular travel, when permitted)

Remuneration : Highly competitive

About VR South Asia (VRSA) :

VRSA is the largest, institutionally backed, integrated urban development platform, building, acquiring, and managing community-oriented lifestyle city-centers across India. VRSA is aggressively expanding its pan-India portfolio which currently includes flagship centers VR Chennai, VR Bengaluru, VR Punjab, VR Surat, VR Nagpur and VR Ambarsar. New centers currently under development include, flagship gateway projects in New Delhi and the Mumbai Metropolitan Region, and an about-to-open second regional center in west Bengaluru.

In the 7 years since opening its first center in Surat, VRSA has redefined the spatial experience for consumers across India by curating innovative, sustainable, community-centric centers, that deliver experiences that seamlessly combine retail, food, leisure, new age work and living, hospitality, events and entertainment. These award-winning city centers are owned, designed and developed by Singapore based VRSA, and operated by India based Virtuous Retail Property Services LLP, as socio-economic hubs that are - Connecting Communities.

Each flagship centre is designed and programmed to act as an economic multiplier for the local urban community, creating and supporting thousands of jobs and adding significantly to the revenue base of local governments. Each center's mission includes creation of community cohesion and pride by promoting and celebrating local culture and heritage, and enhancing the overall brand image of the city it represents.

About the Opportunity :

Besides an attractive remuneration package, working for Virtuous Retail gives you the opportunity to join a high-growth real estate platform that is leading the transformation of urban spaces in India. In this role, you will be working directly with the company's senior management, and will get to immediately create a meaningful impact on several projects across Western India. The team is fast paced, hard-working, and results-oriented, and we are committed to providing you the opportunity to move ahead more rapidly than is possible at most other places in this industry.

Core Responsibilities :

The Associate, Development Management will play a significant role in realizing the company's rapid pan-India expansion strategy through ground-up development and acquisitions, while executing on a bold vision of delivering community-centric lifestyle destinations that will redefine India's built environment. He / she will :

- Oversee the successful delivery of one or more real estate projects across the development lifecycle

- Assume responsibility for specific development areas (e.g. permitting strategy, procurement etc.)

- Take ownership of the underwriting model, adjusting for changes in the cost and revenue side of the project throughout the development life-cycle and reporting impact on projected investment returns

- Prepare project feasibility studies for various development components and options, including preliminary capital cost budget, highest and best use studies, pro-forma operating statements, valuation studies etc.

- Contribute to the design process, regularly reviewing designs, drawings, specifications and budgets for compliance with the commercial objectives for the project

- Coordinate and collaborate across internal functional groups and external consultants in carrying out their project responsibilities, facilitating necessary calls / meetings

- Assist in the oversight of the development's execution through to completion, including construction progress, sales and marketing, soft launch etc.

- Work with leasing to generate target tenant & trade mix plan, income projections, leasing strategy etc.

- Take ownership of the regular Development Management report, assembling inputs from the wider project team into a comprehensive reporting package for presentation to management and other senior stakeholders

- Facilitate the monthly Development Management Meetings, including the recording of minutes and follow-up on action points

- Keep abreast of global trends and best practice in real estate and related areas (construction, place-marking, programming etc.), and share these findings with the wider project team

Qualifications / Experience Required :

- MBA or Master's degree in real estate, engineering or economics (or a similar relevant qualification)

- 5 - 7 years' relevant experience, ideally with prior experience in a real estate development or project management in India or a similar high-growth Asian market

- Proven track record in contributing to the design and development of real estate projects that highlight experience across business areas, including strategy, financial analysis, capital structuring, branding, tenant acquisition, government approvals, design, construction management, and post-operation stabilization

- International exposure either through education or work experience preferable

- Experience working with junior- and senior-level stakeholders, and collaborating across functions

- Strong written and verbal communication, negotiation, and presentation skills

- Strong quantitative skills and understanding of investment / valuation principles

- Expert knowledge of MS Office applications (Word, Excel, PowerPoint etc.)

- Experience working with large data sets and data visualization tools (e.g. Tableau, Power BI etc.)

- Good knowledge of India's real estate industry from a strategic business development perspective

- Good understanding of real estate principles

Preferred Qualities :

- Excellent time management and organizational skills

- Capable of performing well under pressure and meeting deadlines

- Ability to act and operate independently with minimal daily direction

- Ability to relate well to others, build effective relationships across functions and levels

- Ability to take ownership of complex situations involving limited information or uncertain outcomes

- Ability to identify and resolve problems and develop alternative solutions in a timely manner