POSTED: June 13th 2012
London 2012 Games under budget and on time with significant legacy project
LAURA WALDEN / Sports Features Communications
June 13 – Defying all odds the London 2012 budget is now calculated to come in under the £9.3 billion mark with a good £476 million contingency fund that is possibly going to be returned to the treasury. Construction is also set to be delivered by the Olympic Development Authority (ODA) on time as well according to the latest quarterly report submitted yesterday by the Department for Culture, Media and Sport (DCMS).
The London 2012 budget ballooned up from the original bid figure which was set at a conservative £2.4 billion as organizers realized that they had overlooked to add in VAT taxes, then increased security costs weighed in, and more costs were added to regenerate the lower Lea Valley area.
However the legacy for the city is dramatic and almost on a level as what happened to Barcelona in 1992 when extensive work was done on the city to accommodate the summer Games. Barcelona became the poster city for a long time for urban renewal through the hosting of big events.
Hugh Robertson, Minister for Sport and the Olympics, said in his statement: “The Olympic Park has become so familiar on the East London skyline that it is easy to forget the contaminated industrial land that was there before.
“In just six years the Olympic Delivery Authority (ODA) has built the equivalent of two Heathrow Terminal 5’s in half the time, creating a fabulous new park with outstanding venues and green spaces complemented by improved transport links and a massive new shopping centre.
“It has become an iconic corner of London built using the experience and talents of companies from across the country and it is testament to the skill of the British construction industry.”
The government also confirmed that 98% of the ODA’s work is completed and the other 2% will be completed when the Olympic Village is converted into new apartment homes.
Qatari Diar, the oil and natural gas rich ruling family's real estate company, acquired the Olympic Village last year for £557 million in view of the lucrative real estate investment and the plan is to deliver 2,818 new homes in 2013 after the Games.
There will be 1,439 private homes made available to rent, and another 1,379 affordable homes will be offered for rent or sale to meet the demands of various budget levels of future residents.
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