New pic will be set in Southeast Asia and uncover the fate of the surfers' leader Bodhi who was supposedly killed by a giant wave. Action follows a surfer-turned-SEAL on the trail of a criminal gang. Locations being scouted include Indonesia and Singapore.

Pic is being set up by Singapore-Australian talent management and production firm RGM Entertainment as a $20 million-$30 million independent production. Finance will come largely from Asian sources representing a combo of RGM's own equity, pre-sales and soft money available in increasingly generous Singapore.

Production schedule sees lensing starting by the end of current year with delivery for late 2008. RGM's CEO Devesh Chetty said casting will include English-language and Asian male leads and Asian female love interest.

"It is really important that this film stands on its own two feet and we will be looking for a young male action star at the same stage in his career as Keanu (Reeves) was," Chetty said.

RGM is also co-financing Forest Whitaker, Jennifer Hudson starrer "Winged Creatures" by its helming client Rowan Woods, Sigourney Weaver drama "The Girl in the Park" and upcoming "Pushing up Daisies." But "Point Break 2" is by far the biggest pic to date where it has control of the production. Project was brought to RGM by Chris Taylor, who has since been appointed company chief operating officer.