It is a significant step for the project – jointly delivered by the Olympic Delivery Authority (ODA) and Lend Lease – which has been London 2012’s most notable victim of the credit crunch.
Initially intended as an entirely privately funded venture by Lend Lease, the developer has struggled to raise funds in the current market.
To keep the project running to time, the ODA has contributed £95M on the basis that a new equity developer for the £1bn project will be found, with Lend Lease staying on as development managers and project managers, and Bovis Lend Lease remaining as contractor.
ODA chief executive David Higgins said: "The Olympic Village will be one of the strongest legacies from the Games and these images show the progress we are making on site, keeping us on track to deliver quality new homes for Londoners together with new parks, public squares and community facilities.
"Our discussions on the funding of the Village are continuing and in the meantime the acceleration of activity on site will help maintain the momentum of this huge project."
Construction work on the Olympic Village started in May last year and the project has already become one of the busiest construction sites in London with more than 570 workers on site.
The Village will comprise 11 residential blocks, each made up of approximately 5-7 buildings, and progress on construction work over the last 6 months includes the completion of piling works to form foundations on 28 buildings (four blocks) of the Village – over 2000 concrete piles installed more than 20m deep.