Singapore’s Media Development Authority (MDA) has unveiled details of a new fund, dubbed the International Film Fund (IFF), that will invest up to $3.4m (S$5m) each in 17-20 international projects.
The IFF is open to animation and live-action features at any stage of production, so long as the producers are partnered with a Singaporean production or post-production company and have an international sales agent on board.
Structured as a revolving fund, the IFF will make equity investments in selected projects in return for a share of revenue. An assessment committee will select the first round of projects by July 31. The MDA will also help selected projects tap into the $882m of private equity funding that is available to filmmakers in Singapore.
The fund is part of a three-pronged strategy, the Singapore Media Fusion Plan (SMFP), launched by the MDA to attract international projects and film companies to the city state.
The other two initiatives are a previously-announced $6.7m (S$10m) 3D development fund and a state-of-the-art studio complex Mediapolis.
Under the 3D fund, Singapore has committed to co-producing a slate of three 3D films starting with adventure movie Amphibious, to be directed by Brian Yuzna and star Bosco Francis (My Magic). The slate also includes Necronauts, to be directed by Brett Leonard (Lawnmower Man), and Cold Blooded, to be directed by Richard Stanley (Hardware).
Mediapolis’ first tenant will be visual effects house Infinite Frameworks which is also launching a genre label Gorylah with Singaporean filmmaker Eric Khoo.
Speaking at a press conference in Cannes, Kenneth Tan, COO of MDA and director of the Singapore Film Commission (SFC), described the IFF as the next phase in Singapore’s feature film funding efforts which have previously been focused on local pictures.
The SFC launched the New Feature Film Fund for local filmmakers last year which has committed to backing nine projects. The first of these, Chai Yee Wei’s thriller Blood Ties, started shooting in March.