CAPE TOWN Dreamworld, the consortium put together by internationally-renowned South African film-maker Anant Singh, has finally been given the go-ahead to develop a R400m film studio at Faure.

The Hollywood-style studio, expected to give the R2bn film industry in Western Cape a significant boost in attracting big -budget film productions, will also benefit from a R60m injection by the provincial government and the Cape Town city council to provide infrastructure services.

It took almost 18 months for Dreamworld to become the winning bidder in September last year.

This delay was due to a process in which finance MEC Ebrahim Rasool said that Dreamworld sought co-operation with two other short-listed bidders.

Rasool said yesterday that following "frank" negotiations among the parties, a maximum value of 25% of Dreamworld's equity had been reserved for Cape-based empowerment companies, including an offer to other consortiums who were part of the bidding process.

He said Iqbal Survè, CEO of Sekunjalo Investments, would be appointed to negotiate this equity "but these negotiations will not delay the work towards establishing the film studio".

Singh said his group would start building a world-class studio that would compete with the best in the international filming arena in about nine months.

The completion date is expected to be in early 2006.

The first phase would include eight sound stages, various production facilities, digital facilities and outdoor "back lot" areas.

Singh said it was envisaged that Dreamworld, which includes Singh's Videovision Entertainment, E.tv , strong commercial and feature film production skills, would be a "one-stop shop", from filming to final production.

Feb 06 2004 07:22:41:000AM Chris van Gass Business Day 1st Edition