DreamWorld for CT film studio
2004-02-05 14:14
Cape Town - Anant Singh's DreamWorld consortium has been confirmed as the successful bidder to establish a multi-million rand film city outside Cape Town.
Construction is expected to start in the first quarter of next year, and finish early in 2006.
Singh told a media briefing on Thursday the consortium planned an investment of R400m in the site at Faure.
This will be in addition to a R60m contribution from the Western Cape provincial government and the city of Cape Town, earmarked for basic infrastructure.
"It's been a little while coming, but I guess good things come to those who wait," said Singh.
"We are very excited about the opportunities for our vision of a film studio in this province. We at DreamWorld really believed we had a winning formula and we are delighted that all of you agreed with us."
DreamWorld was named preferred bidder in September last year, when economic development MEC Ebrahim Rasool said the deal was subject to DreamWorld entering negotiations on co-operation with the other two shortlisted consortia.
This was in order to build partnerships that would "cure shortcomings within and add strength" to the Dreamworld proposal.
However on Thursday Singh said one of the consortia, Cape Town Film Studios, had confirmed it would not be participating.
It appears that the other consortium, Ikapa, will be participating indirectly at best.
Rasool said up to 25% of DreamWorld's equity would be specifically reserved for Cape-based empowerment companies, including an offer to consortia who were part of the bidding process.
- SAPA