[Progress.016] Are these little sticks for "Peg out"?

I checked the construction site this morning, our builder sent someone on site and installed some little sticks around the area. I think the installation of these sticks to mark out the boundary of the land and the exact location of where the house will be built (or just for the excavation??), is what our builders mean by "peg out"?

There were 8 set of them, each set has 2 sticks: one is higher and more visible, marked with red paints on top plus some writings, the other is lower and installed to the floor level. They are all installed around the boundary of our block.

The 4 lower ones at the 4 different corners of the block was in white colour, and the 4 lower ones in the middle, near the 4 different corners of where the house will be built (or where the excavation should start??) was in red colour.

I took some photos this morning and will post it here tonight. Hope this means our excavation will start very soon. Please, continue with the beautiful weather, no more rain for the next 4 weeks please...