The praise from Oswald came as the Olympic Delivery Authority (ODA) announced that work on the first residential plot has been completed. 

The IOC Coordination Commission are currently conducting their eighth visit to London as they inspect preparations for the 2012 Olympic and Paralympics and they were today shown around the Athletes' Village.

"The Olympic Village is at the very heart of the Games experience for thousands of athletes," said Oswald.

"It represents their home away from home and the place where they will prepare to achieve their Olympic dreams.

"It is therefore encouraging to see that excellent progress has been made in constructing this accommodation, especially knowing that this Village will become a vibrant new community in legacy.

"With its close proximity to the Olympic Park, the athletes will undoubtedly take full advantage of being able to walk to events and this will allow them to soak up the atmosphere and live their Olympic experience to the full."

The construction of the remaining residential plots is firmly on track with the competition the Village expected at the end of the year while the Olympic Village, which lies adjacent to the Olympic Park, will accommodate athletes and officials during the Games.

"The IOC's praise for the Olympic Village is extremely encouraging and with our first residential plot now completed, we are seeing beds for athletes and new homes for Londoners taking shape," said ODA chief executive Dennis Hone.

After the Games the Village will deliver the legacy of 2,818 new homes for East London, including 1,379 affordable homes that have already been purchased by Triathlon Homes.

The homes will be joined by new parks, open space and new education and healthcare facilities in one of the best-connected parts of the capital.


"The Village is looking incredible and we're thrilled that the IOC is here to witness first-hand the progress that has been made," said Sebastian Coe, the chairman of London 2012.

"Whether competing at venues in the Park, or further afield there will be a place for all athletes here at the Village, giving them the opportunity to experience the unique atmosphere of the Games should they want to, wherever they are competing.

"London is going to be a special place to be in the summer of 2012 and athletes staying here will be at the heart of it all in the Athletes' Village which will be a vibrant community for those competing.

"And after the Games, that sense of community will remain as a new neighbourhood is created in east London, on the doorstep of the Olympic Park."

Meanwhile a shortlist of private sector investors to acquire the ODA's interests in the Village is expected to be announced shortly for further detailed negotiations with a decision whether to proceed with a selected party then expected to be made in the summer.

The ODA is looking to secure best-value together with a long-term commitment from an investor to realise the full potential of the Village development which includes a variety of new homes for Londoners, future development plots, new parklands, courtyards and open space, new community facilities and new transport links.

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