The Olympic Delivery Authority (ODA) claimed that the East Village will be a "significant new community" creating a lasting residential legacy.

Athough the price of the homes is not yet known, they are likely to be set according to the market rate in two years' time.

Triathlon Homes have already purchased 1,379 of the new 2,818 homes, which will become affordable housing, while British developer Delancey and Qatari Diar, the investment arm of Qatar's Royal Family, recently acquired the ODA's interests in the remaining 1,439 homes in a joint £557 million ($906 million/€636 million) deal earlier this year.

The deal included a profit-share agreement, recouping for the Government some of the £9.3 billion ($14.6 billion/€10.8 billion) of public money the Games have cost, while the 1,439 homes purchased by Delancey and Qatari Diar will become private housing along with six adjacent future development plots with the potential for a further 2,000 new homes.

The new neighbourhood will include education and health care facilities, parkland, public squares and open space while homes will vary from one-bedroom apartments to four-bedroom townhouses.


The district will have more than 30 shops, cafes and restaurants.

"Our vision is to deliver a neighbourhood that provides the very best quality homes and services to its residents and one which fosters a welcoming, inclusive, safe and vibrant community," said Elliot Lipton, director of Triathlon Homes.

"The East Village is at the heart of the wider transformation of east London."

Mohammad Bin Ali Al Hedfa, group chief executive of Qatari Diar, added: "We are looking forward to working with all those involved to ensure that the Olympic Village becomes a fitting legacy to the London 2012 Olympics, and one that will benefit the local communities."

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