Qatari Diar has submitted a joint application with British property developer Delancey to deliver 1,439 of the 2,818 new homes to be built on the Stratford village site in east London.

Five of the bidders are British firms or consortiums, and there are also applications from foreign private-sector organizations.

US-based firm Le Frak Organization has teamed up with J.P. Morgan and English company Aviva PLC; Toronto's Pinnacle Capital has put in a joint bid with British property investor Dorrington; and Hong Kong's Hutchison Whampoa Limited has also been invited by the Olympic Delivery Authority to submit an application.

The successful bidder will also take over a nearby area with the potential for a further 2,000-2,500 new homes.

"The quality of this shortlist is a vote of confidence in the quality of the Olympic Village," ODA Chief Executive David Higgins said.

"Securing a shortlist with many of the leading property investors and managers both in the UK and around the world takes us an important step toward ensuring the village becomes one of the strongest legacies from the games." The ODA said formal offers and proposals will be submitted in the spring of 2011, before a final decision is announced in the summer. The deal could reportedly be worth more than 500 million pounds ($775 million).

Qatari Diar is the firm behind the 1 billion pound ($1.5 billion) development of the British Army's Chelsea Barracks in London, the most expensive property deal struck in Britain.

Qatar, which recently won the right to host the World Cup in 2022, also has investments in other high-profile London developments such as Harrods, which was sold to Qatar Holdings for a reported 1.5 billion pounds ($2.3 billion) in May.

The other 1,379 new homes to be built on the site of the athletes' village were purchased by joint-venture group Triathlon Homes last year.

The ODA, which invited expressions of interest in October, said it received submissions from "across the UK, mainland Europe, North America and Asia." "Shortlisted bidders will need to demonstrate the experience and expertise needed to realize the long-term potential of the Village, establishing a complete neighborhood with the best of city-living all in one place, offering choices for all," Higgins said.