Singapore is now one step closer towards becoming the region's media hub.
The construction of the first phase of Mediapolis@ one-north in Buona Vista is scheduled to kick off next year.
A 19-hectare plot of land - equivalent to about 20 football fields -- has been earmarked for this initial phase.
Mediapolis@ one-north is a joint effort between the Media Development Authority, JTC Corporation, the Infocomm Development Authority and the Economic Development Board.
The global financial turmoil has adversely affected economies all over the world.
But Minister for Information, Communications and the Arts, Dr Lee Boon Yang says, the long term outlook for Asia's media industry remains encouraging.
Quoting a recent report by professional services firm, Pricewaterhouse Coopers, Dr Lee says, the media industry is expected to grow at nearly 9 percent annually.
"The economic downturn may reduce the actual growth. But with a competitive cost structure, a growing audience of young and affluent middle class, as well as greater connectivity to digital content, Asia will continue to attract investors in search of opportunities."
Local media production company, Infinite Frameworks, will be the first tenant of Mediapolis@ one-north.
As part of this initial phase, the company will invest some 100 million dollars to develop a soundstage complex in the hub.
Covering an area of about 1.2 hectares, the complex is expected to be ready by 2011.
Dr Lee says, Mediapolis@ one-north will also be home to international and local media companies, media schools, as well as Research and Development firms.
"The plan calls for the development of soundstages, digital post production studios, work lofts as well as retail, recreation and accomodation facilities."
JTC Corporation says, each building in the first phase of the project may cost up to 120 million dollars to construct.
A model of the hub reveals that about 20 buildings may be built during this phase of the development which is expected to be completed by 2020.
And depending on the industry's demand, the second phase of the development, covering an additional 18 hectares, may be rolled out shortly after that.
Chairman of the Mediapolis@ one-north Steering Committee, Chan Yeng Kit, has highlighted the advantages of launching the media hub during a recession.
Mr Chan , who's also MICA's Permanent Secretary, says
the government can cut back on building costs as these are low during an economic downturn.
Philip Su, who's the Assistant Chief Executive Officer of JTC Corporation, shares the same sentiment.
He adds there's also an overwhelming demand for the facility .
"We have this gap that is missing for a long time. And to really get ourselves ready for the media industry, is to get the right infrastructure. And get them ready when the upturn is there."
i know it's still a few good years ahead and all..
but I AM EXCITED. :D
a sign, no?