In a statement, Deputy Premier and Minister for State Development, Infrastructure and Planning Jeff Seeney revealed $46.1 million (£28.1 million/€32.6 million) has been allocated toward the Village's construction.

"Demolition of existing facilities at the Parklands will start soon after the Government takes control of the site in October," said Seeney.

Construction of the Village, which is expected to accommodate more than 6,500 athletes and officials during Gold Coast 2018 on a 29.4 hectare Parklands site in Southport, is the biggest project linked to the Games, creating thousands of jobs and boosting the local economy. 

"That will be followed by bulk earthworks, construction of trunk roads and infrastructure such as water, electrical and communications," said Seeney.

Set to be built on the Parklands site in Gold Coast City, after the Games the VIllage is to form the key residential, commercial and retail component of the Council's vision for a health and knowledge precinct which includes Gold Coast University Hospital and Griffith University.



Seven companies have submitted expressions of interest in building the Village by the deadline of May 17, which are currently being assessed by Economic Development Queensland.

They will draw up a shortlist who will be invited to submit a detailed Request for Proposal later this year.

A final development partner is expected to be appointed early in 2014. 

"This will be the biggest sporting event staged in Australia this decade," said Queensland's Commonwealth Games Minister Jan Stuckey.