Singh's Dreamworld consortium is preferred bidder for Cape Town film studios

Commenting from Hong Kong, Chairperson of Dreamworld, Anant Singh, said he was delighted that Dreamworld had been named the preferred finalist, saying that it meant the substantial time, effort and investment spent in putting the best possible studio development plan together using the combined experience of a strong South African team with international best practice, had been well worth the effort.

"We are busy clarifying what is incorporated in the public sector's support package of the project and a clear understanding of this support and any conditions relating to this support obviously need to be fully understood by Dreamworld. We greatly look forward to working with the Provincial Government of the Western Cape, the City of Cape Town and other relevant public sector entities in delivering this project and commend Minister Rasool and Alderman Sitonga for prioritising the development of the film industry and the realisation of much needed film studio infrastructure.

"Dreamworld and all its partners are passionate about building a stronger film industry in this country, to being internationally competitive and to developing our amazing local talents. We want to bring the best producers in the world to the best facilities here in Cape Town and believe Dreamworld is the right option for the City and the Cape Province. We have worked on this studio development for more than 5 years and we know it works especially because all our partners are in the industry and understand the business. We are very excited about making the Dreamworld vision a reality and delivering what the industry needs to make this region a global player in the film industry."

Dreamworld's proposal incorporates a number of related components, which together represent a commitment in excess of US$61 million being operational at Faure, off the N2, by 2005. Phase one core components include eight sound stages, various production facilities, digital facilities and outdoor back lot areas. However, Dreamworld's offering incorporates much more than sound stages - they are committed to developing a complete "one-stop- shop" production facility which they say will help local producers clinch deals and will result in Dreamworld becoming the home of South African production.

"We are confident that Dreamworld will provide a right-sized, world-class one-stop film city project in an appropriate location that will entice year-round growth to cater for both the current, and indeed future needs of this dynamic and growing industry segment in Cape Town," said Singh.

The Dreamworld ownership structure comprises a formidable team that is completely appropriate to this development. South Africa's most acclaimed film maker in Anant Singh - Videovision Entertainment, significant local TV station in etv, and strong commercial and feature film production in Mike MacCarthy.

Dreamworld's empowerment and BEE scorecard reveals that the total project, including the equity portioned warehoused for BEE companies, results in a project which has a 72.5% empowerment achievement. "Empowerment is integral to the proposal by Dreamworld," said Singh, "and is addressed through a comprehensive empowerment protocol that recognizes that it is not just a question of correcting the imbalances in the South African economy, but is an imperative to the survival and sustainability of the film Industry."

An economic impact assessment undertaken by Dreamworld estimates that the construction of the proposed Dreamworld Film City could result in additional 8 304 employment opportunities, which can be created and sustained during the construction period. Of these employment opportunities 5 318 employment opportunities will be created directly as a result of the development. During the operating phase it is estimated that the economy will be able to eventually sustain a total of 7 796 employment opportunities.

"Our proposal addresses the need for significant job creation and ultimately grass-roots participation in the ownership, construction and operation of the project. This will be achieved through our commitment to an empowerment protocol that will ensure that the benefits are spread very widely, but concentrated here in the Western Cape and to skills development through the creation of a film school. Dreamworld has also secured the participation of both the Peninsula Technikon and Kodak and other industry players in the film school, which seeks to promote and develop much needed skills in the film industry.

"The position of the proposed Film City site in Faure was carefully chosen for its suitability as a film studio site on the advice of both Dreamworld's international and local consulting team, including international studio experts from the USA. The development will act as an investment catalyst along the N2 corridor which will directly benefit disadvantaged communities which is in line with the Western Cape Government economic growth plan."

On the concept underlying the Dreamworld bid, Singh said, "The Dreamworld project has been conceptually born of the Western Cape and our proposal aims to profile the local film industry abilities of this region to a national and international customer base thereby opening up South Africa's film abilities to the World. We are fortunate to have brought together a well-respected, internationally experienced team with a thorough knowledge of the national industry and a passion to promote the South African market to an international customer base. Deliverability in this competitive environment is crucial and underpins the strong confidence that potential investors and financial institutions have demonstrated in the Dreamworld business plan."