The nation of Singapore unveiled plans to build a $714 million studio called Mediapolis@one-north yesterday to attact foreign (read: American) big bucks for film and TV prospects.
Variety reported the plans for public agencies and private money in Singapore to finance the 1.5 million-square-foot property.
Singapore’s major production firm, Infinite Frameworks, will build a 129,000-square-foot soundstage as part of the development. Already, the major studios are arguing over who gets first crack at this Asian shooting paradise (read: cheap).
As one Singaporean source told FBLA:
“This has been in the works for some time. It’s part of Singapore’s effort to ‘reinvent’ itself. The economy on the island, with just over 4 million people, has traditionally been based on manufacturing and exports. But Singapore’s governmentt decided around the turn of the century that it needed a more diverse economy (a kind of ‘post Asia Crisis realization), so the govt. embarked on a long-term plan to build new sectors. This also included a huge effort to build a bio-science industry and a controversial move to change the law and allow two casinos to be built as part of a tourism drive (Singapore traditionally has lagged countries such as Thailand in the tourism stakes). One of the casinos is due to open next year.”