My friend, a land owner

I have a friend who owns this piece of land in district in district of S'pore. It is 10,000 sq ft in size or 10 times the size of a 4-roomed HDB flat. He bought it in the mid 1970s for a sum of S$70,000 and today he is being offered by developers ranging from $6 million to $8 million. All of his neighbors had sold their land for development of new houses or apartments but he would not part with his property. He is in his late 70s and a very rich man, at least on paper.