Located in the neighbourhood of Barra da Tijuca, west of Rio’s city centre, the village will accommodate 18,000 athletes and officials, reports Xinhua.
Work at the venue began in July 2012 and is expected to be completed in the first half of 2016, according to a release on the official Rio 2016 website.
“The project is progressing very well and it is exciting to see the village take shape,” Games village director Mario Cilenti said.
“It is going to be incredible to have the best athletes in the world staying in one place, here in Rio, for the first Olympic and Paralympic Games in South America. We are doing everything to ensure they have the best possible facilities so they can focus all their attention on producing their best performances.”
The village will boast 31 apartment towers, which are on track to be ready by December.
Construction work will then begin on a medical centre, cafeteria, gymnasium and other amenities, the release added.