More like "someone was porting Alundra", since the last update is from the first week of 2015. Still, kudos to the guy for even trying.
Porting seems to be inaccurate. This person was attempting to make their own clone of the game on Sega Saturn. If they had access to the original source code or they were really dedicated to the project and completely disassembled and reverse engineered the whole thing then they could make an actual port. Still, any console homebrew is nice to see.