Sheet piling was about 40% complete around the perimeter of the 819sq m site and excavation of the sand, to a depth of 3.5m-4m, was scheduled to begin within three weeks, co-developer Stephen Chittock said yesterday.
The site, which will also have a row of sheet piles through its centre, will be excavated one half at a time and all the sheet piles will later be removed once the 18-vehicle car park in the basement has been completed.
It was understood, but not confirmed, that the development of the four- to five-star boutique hotel, restaurant, bar and spa complex is worth between $8 million and $9 million.
In early July last year, it was announced Mr Chittock, the Esplanade block's largest landholder, had entered into a joint venture with the property arm of Calder Stewart to build the hotel.
Mr Chittock said he expected parts, if not all, of the hotel would be open by the end of the year.
