Project director Sam Cadden said this was the biggest overall modernisation of the University of Otago student residential college since it was built more than 40 years ago.
''It's a new building in all but its external skin,'' he said.
The project is due to be completed on February 6, before the start of the first University of Otago academic semester.
Mr Cadden said the refurbishment involved electrical rewiring, a new fire alarm system, and other fire safety improvements, including new fire doors and new furniture.
Twenty-two extra bedrooms are being added through reorganising of some internal space, bringing the total to about 260.
Student rooms had also been upgraded and would now be quieter and warmer, with more up-to-date internet access.
Electronic card access locks were being installed in all the bedrooms, improving security.
This would be the only residential college in Dunedin with this style of card-access doors, Mr Cadden said.
The complex was ''significantly better and more modern''.
Most of the painting and finishing work had been undertaken, and new electronic locks were being installed yesterday, he said.
Project management is being undertaken by Logic Group and its project manager, Che O'Neill, said the refurbishment was providing a more modern and attractive experience for students and significantly improving fire safety.
Initial project costs could have reached nearly $6 million, but further discussion, analysis and value engineering had resulted in those costs being reduced to $4.6 million, while still delivering a high quality refurbishment.
Adding extra bedrooms would also boost the college's income, he said.
