Ashok Amritraj's Hyde Park Entertainment is setting up a $55m-$72m (S$75m-S$100m) fund to back its new Singapore-based operation Hyde Park Asia.
The fund will be structured with a combination of debt and equity, with support from Singapore 's Media Development Authority (MDA). Operational from 2008, it will be used to finance Hyde Park Asia productions.
The Singapore outpost plans to finance three to four films a year, including Hollywood films and cross-cultural titles aimed at global audiences.
Hyde Park already has two films in production in Asia - romantic comedy The Other End Of The Line, which recently wrapped and will be released by MGM, and Street Fighter: The Legend Of Chun-Li, currently shooting in Bangkok, to be released by Fox.
Amritraj also has a three-picture deal with Reliance Entertainment's Adlabs Films, which may also be involved in co-financing Hyde Park Asia films.
The MDA launched a loan guarantee facility in 2006 to facilitate the establishment of content funds. Other companies to take advantage of the initiative include Australia 's RGM Holdings which has financed films including Point Break 2 through its Singapore outpost.' Singapore is the perfect city to base our new Asian offices. Asia has wonderful talent and facilities, along with great growth potential,' said Amritraj.
MDA chief executive Christopher Chia said the presence of Hype Park Asia and the launch of the fund would 'further strengthen Singapore 's position as a media business exchange where new Asia media projects are created, financed and distributed.'
Hyde Park Asia also aims to act as an East/West conduit discovering new talent from across Asia and providing A platform for Asian talent to segue into Hollywood. The company's reality TV show Gateway has started the process by identifying an up-and-coming filmmaker who will now shoot a movie for Hyde Park in the US this autumn.