Homicide investigators have released a vague suspect description of the man who carried out a "bold" targeted hit on a wealthy B.C. real estate developer and philanthropist.

Amarjit Singh Sandhu was just steps from his truck when he was gunned down outside a busy plaza in Richmond around 6 p.m. Saturday. The 56-year-old was rushed to hospital but died a short time later.

Dozens of people witnessed the shooting at Ironwood Plaza on Steveston Highway, which police say is why they've experienced many varying versions of events from people who were in the area when shots rang out.

The Integrated Homicide Investigation Team said many witnesses have come forward to provide information, and officers are still in the area canvassing business owners and additional witnesses.

“The [team] continues to move forward with evidence processing and managing the many witnesses who have come forward,” said a statement from IHIT.

The suspect is described as a man in his early to mid-20s, approximately 6'0 with a slender build, and was wearing a light-coloured hooded sweatshirt or coat, and possibly a baseball hat. Investigators have not released more specific defining characteristics of the person responsible, including their race, hair or eye colour.

Sandhu is the owner of Sandhill Developments, a residential and commercial construction company based in Richmond.

In recent years, Sandhu built commercial plazas, several townhouse complexes and many single-family homes, said Punjabi newspaper editor Gurpreet Singh Sahota, who estimates the developer's net worth at $100-million.

"It's hard to believe – never heard anything bad about him," said Sahota.

IHIT has taken over the case, and says it will look into whether business dealings could be connected to the crime. A motive has not been established, but it is believed the victim was targeted.

"In any homicide investigation we'll be looking into the whole history of the individual," said Staff Sgt. Jennifer Pound.

Sandhu was also a key figure in the most recent elections at the Ross Street Sikh Temple in Vancouver.

He was also a well-known philanthropist. Just hours before his murder, Sandhu was serving food to the homeless in Vancouver's Downtown Eastside.

"You can't believe how something like that would happen to someone like that," said Sahota.