Cheaper Ways To Build 2012 Village

Contractors are being quizzed over cheaper ways to build the Olympic Village believe they can cut the £1bn budget in half?

The London 2012 chiefs are looking to save money on the athletes' village by drafting in firms to build residential blocks on fixed-price contracts.

The Olympic Delivery Authority is desperate to slash the budget after revealing public cash may be needed to fund the whole project because developer Lend Lease is struggling to raise its share of the capital.

Specialist residential builders are now being approached by the ODA as the procurement of the job adapts to the economic climate.

One contractor said the 2,800-flat village could be built for between £450m and £500m -half the current budget.

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