Warning. This post contains speculation, as do all my posts.
That's $500 an acre, or $1250 per hectare. The land is probably worth less than that so this bloke is hoping to make a killing by subdividing and selling at double it's value? All just speculation.
Any land that is still scrub today is not much good agriculturally. That's why it's still scrub.
It all sounds like a legal nightmare though.
See ya's.