Houses for sale in the Olympic Village after the Games have doubled in price - 30,000 yuan ($4,400) per sq m.

The price, however, has not deterred buyers.

"Two thirds of the apartments have already been sold since December last year, and there are only about 500 left," Zhang Limin, a saleswoman of Beijing Guoao Investment Development Co Ltd, told China Daily yesterday.

"The last phase of the sales consists of 10 buildings. Apartments measure from 200 to 240 sq m," Zhang said.

The developer stands to reap a handsome profit.

The original cost of the Olympic Village is not much higher than an ordinary housing project, Ding Jianming, deputy chief engineer of the Beijing 2008 Olympic Project Construction Headquarters Office, was quoted as saying by Oriental Morning Post yesterday.

The Olympic Village will be renamed Dream World 2008 after the Games.

Due to its good location, Dream World 2008 attracted much interest even before construction. Unlike other real estate projects that spend a lot on marketing and promotion, Dream World kept a low profile when it launched its first phase of sales on Dec 28 last year.

"It doesn't need advertising. The Olympics is its guarantee of quality workmanship," Carlby Xie, head of research of Colliers International, said.

"Most buyers are also interested because of its green environment, convenient transport and access to sports facilities built for the Olympic Games."

Dream World 2008, located between the Fourth and Fifth north ring roads and to the south of the Olympic Forest, covers 27.55 hectares.

The developer will refurbish the 1,800 apartments after the Games and buyers will be able to move in after June next year.

Source: China Daily