I thought Michelin stars were about the whole restaurant experience, and especially the consistency. That's interesting they said it was just about the food in the video, that really opens up the award to a more contemporary foodie audience, which is interested in where to get the most delicious X, which is rarely even expensive.
I'm certain that his food is outstanding, but it's also a good move to ingratiate yourselves with the locals as you start your business there.
As an aside, I have never been anywhere with more consistently amazing food than Singapore. You can pay $300 for a fabulous meal or $7 for an almost equally fabulous one. The first time I went, I ate at a couple of high-end restaurants, but on all my subsequent trips, I've basically just wandered around and eaten at random. I've never been disappointed.