From Junior Executive to Group Leader, Guided by Her Father and a Belief in Family Harmony
August 22, 2025
Key Takeaways
- Growing alongside Sunway, Sarena reflects on turning 50 as both a leader and individual, showing how resilience, balance and vision can shape the next chapter for herself and the company.
- Drawing lessons from the past, Sarena highlights how determination and resilience can guide Sunway into the future.
*The article was first published in Lianhe Zaobao and has been translated from the original Mandarin edition.
About two years ago, Sarena Cheah, the eldest daughter of Tan Sri Sir Dr. Jeffrey Cheah KBE AO, Malaysia’s ninth-richest man, shifted her base to Singapore.
In January this year, she was appointed executive deputy chair of Sunway Group, tasked with expanding the conglomerate’s global footprint, scouting for new markets and continuing to oversee the development of Sunway City Iskandar Puteri in Johor, just across the Causeway.
At home, she is a dutiful daughter to her parents and a protective elder sister to her younger brothers, though not a strict “tiger mother” to her own child. At work, she has worn many hats, starting out as an office executive, then shifting through various business roles before making her mark in property development.
With Sunway having just celebrated its 50th anniversary last year, Sarena now co-leads the team that will chart the group’s course for the next 50 years.
Those who follow Singapore’s state land tenders may have noticed a frequent new contender from across the border. The “dragon across the Causeway” is none other than Sunway Group, the $3 billion empire founded by Tan Sri Sir Dr. Jeffrey Cheah.
And Sarena, 50, has been building her base in Singapore since 2023, positioning herself to steer the group’s ambitions closer to the region’s financial hub.
On the day of our interview, as we stepped into the elevator, a petite woman with long hair hurried in. Dressed in a sleeveless top and trousers, she carried none of the airs of a billionaire’s daughter.
She then darted into the office for a quick change. By the time the interview began, she had donned a sharp black blazer, her executive presence clicking instantly into place. That transformation was telling. As the eldest in her family, Sarena had long been exposed to the front lines of family business.
Her father often took the children to construction sites to see the work up close. Sarena remembers herself as a bookish child: “I loved reading,” she said. “Even when I followed my father to the mines or factories, I’d bring along a book. Dad would always end the day with dinner meetings, and I’d be there reading until I eventually fell asleep at the table.”
Starting at the Bottom
In 1994, after graduating from the University of Western Australia with a degree in accounting and finance, Sarena joined Sunway a year later. She began as an office executive, whose responsibilities include photocopying documents.
“It was actually quite fun,” she recalled. “It allowed me to blend in with everyone else. When I was in the finance department, there was once a job with a tight deadline and I stayed late to help. I’m grateful for those experiences, they let me share in what others were going through, and I made friends that way. People didn’t care who I was.”
Still, she admitted, her family name inevitably drew attention. “I’m sure people treated me differently, but it wasn’t obvious. My lunch partner on the very first day, though, eventually became my personal assistant.”
Early on, she often felt the weight of countless eyes on her, which fueled her determination to prove herself. The real test arrived sooner than expected.
In 1997, the Asian financial crisis hit just as Sunway was aggressively expanding and arranging financing. “Our plans could not keep up with the sudden turn,” she said. Interest rates soared, debt pressure mounted and the group was suddenly staring at survival.
“That period was a real eye-opener. It was really bad; we almost went bankrupt. Many other companies did. We had to make painful decisions, restructuring, selling assets and negotiating with banks.”
Crisis Management: A Daughter’s View
Sarena recounted the episode with calm understatement, but the reality was stark. Even Sunway’s most profitable cornerstone, Sunway Quarry, had to be sold.
“Usually, buyers only want your best assets,” she said. “We also sold part of our hotels and malls to GIC, Singapore’s sovereign wealth fund. I was involved in that process.”
In 1999, Sunway sold more than 20% of Sunway City and 48% of Sunway Pyramid mall to GIC, securing the lifeline it needed to survive. Through it all, Sarena closely observed her father and absorbed lessons in leadership.
“Honestly, I had just come back then, in my early twenties, still learning. I couldn’t fully grasp the pain of the crisis,” she said. “What I do remember are the meetings. They were heavy, everyone was talking only about problems. But when my father chaired, those were the only meetings that gave me a glimmer of hope. Even if his ideas weren’t fully implemented yet, he made people believe there was a way forward.”
That period left her with a lasting conviction: “In difficult times, it’s clear goals and values that keep you moving towards the future.”
Now 80, Jeffrey Cheah’s memory remains as sharp as ever.
“Every time I see him, he remembers exactly what I still owe him,” she said with a laugh. With 13 business divisions under the group,” she added, “no one else can keep track the way he does.”
The Dutiful Eldest Daughter
Sarena has two younger brothers: Evan Cheah, 45, who was appointed deputy president of Sunway Group earlier this year, and Adrian Cheah, 31, who oversees business development for Sunway REIT.
As the eldest, Sarena sees herself as the responsible and obedient child, someone her parents never had to worry about. “It’s good that each of us has different personalities. I’m more grounded, more anchored in tradition. My brothers are willing to take bigger risks. I encourage them to try, because that balance is important.”
What matters most, she believes, is understanding one’s role in a family, what each person can shoulder, and what each can contribute, so that the family legacy endures.
It was the same with her parents, she noted: her father brought vision and business acumen, while her mother, Puan Sri Datin Seri Dr. Susan Cheah, brought compassion with a focus on social responsibility.
Choosing Education, and Family First
In 2000, Sarena decided to step away from the company for a year or two to broaden her horizons and enrolled in an MBA program. She chose Melbourne because her younger brother was then studying in Australia. “Since he was there, I could spend more time with him,” she said.
Asked whether her brothers listen to her, she replied without hesitation: “Of course they do!”
She described herself as a reasonable sister, one who would help whenever her brothers asked. “We have a good relationship; we respect each other’s space. And Dad has been great too, he never forced us into anything, never told us what we had to become. He let us choose our own paths.”
In contrast, family disputes and inheritance battles are common in wealthy dynasties, but Sarena is determined to avoid that fate. “No family sets out wanting to fight,” she said. “But why do so many end up that way?”
For her, harmony outweighs everything. “Life is finite. Even with advanced medicine, you can only live so long. It’s better to put your energy into things that make an impact, not into family quarrels. There are so many meaningful things to do in life, you can choose to let go of some and focus on those that matter.”
No “Tiger Mom”
Sarena’s daughter is now 16. Unlike her mother, who has always had an affinity for numbers, the teenager prefers words.
When asked if she considered herself a “tiger mom,” Sarena laughed. “I’d like to be, but times are different now. I believe children should find their own path. I don’t set too many limits on her choices; I just make sure she doesn’t take the wrong turn.”
The Next 50 Years Ahead: JS-SEZ
Sunway Group was founded in 1974 by Tan Sri Sir Dr. Jeffrey Cheah as a small tin-mining company.
Today it spans real estate, construction, REITs, healthcare, education, retail, hospitality, leisure, digital, investment and financial services, building materials, trading and manufacturing, and quarrying.
The group has grown into a diversified conglomerate, with over 20,000 employees across more than 50 locations worldwide.
That breadth has given Sarena firsthand experience across a wide range of fields, from finance, auditing, education and healthcare to property development, securities issuance, mergers and acquisitions, and the establishment of a foundation.
Looking ahead, she is especially enthusiastic about the Johor–Singapore Special Economic Zone and sees it as a catalyst for Sunway’s next chapter.
Virtue in Business, Principle in Education
What sets Sunway apart, Sarena believes, is its breadth. “In a single day, I can meet a professor, then a doctor, then a contractor, even a chef or a zoo veterinarian,” she said.
“That diversity makes us unique. We often describe ourselves as a ‘community serving a community.’ Even though we’re colleagues, it’s such a rich mix that work is never dull.”
“Still, there are certain lines Sunway will never cross. Years ago, the group was offered a license to operate casinos overseas, but my father turned it down. Growing up, he had seen too many friends and their families ruined by gambling. About 20 years ago, the group even experimented with a no-smoking nightclub. It didn’t last long,” Sarena said, “but it was good to be clear about what we will and won’t do.”
The same principle applies to education. In 1987, Tan Sri Sir Dr. Jeffrey Cheah established Sunway College, partnering with universities in the UK, the US and Australia to make overseas degrees more affordable for Malaysian students who couldn’t study abroad.
The college was upgraded to a university college in 2004 and became Sunway University in 2011. In 2007, he founded the Jeffrey Cheah Foundation, and in 2010 permanently gifted his entire equity stake to Sunway Education Group.
Operating as an education-focused social enterprise, the foundation has continued to award scholarships, amounting to RM745 million as of 2024.
Even during the Asian financial crisis, when bankers urged him to list the education business to raise funds, he refused. Later, after the crisis passed, Tan Sri Sir Dr. Jeffrey Cheah told his family that education should never be commercialised, a decision that paved the way for transferring ownership to the foundation.
Today, Sunway’s core businesses are property, construction and healthcare. Sarena has worked in property since 2006, starting in sales and marketing. “As a woman, I thought I’d end up in education or retail,” she said. “But I was happy to take on property. The timing was good too, the year I joined, we crossed RM1 billion in sales for the first time.”
In 2015, she took charge of property development in Malaysia and Singapore. Five years later, she became the first woman to be named Malaysia’s Real Estate Personality of the Year.
In fiscal 2024, as Sunway celebrated its 50th anniversary, revenue rose 28.5% year-on-year to RM7.8826 billion (about SGD 2.397 billion), while net profit surged 56% to RM1.153 billion. The group was also added to the FTSE Bursa Malaysia KLCI Index, ranking among the country’s top 30 companies.
This year, Sunway is pushing forward with major projects, including a RM2.6 billion integrated development in Bukit Chagar, Johor Bahru, together with MRT Corp.
The 4.23-acre site will combine retail, residential and healthcare components, directly connected to the RTS Bukit Chagar station linking Johor to Singapore. Completion is slated for early 2033.
Sarena sees the Johor–Singapore Special Economic Zone as a powerful catalyst. “We’re very excited about projects that connect Johor and Singapore,” she said. “The political will and the economic logic, the conditions for synergy are already in place.”
Singapore’s transparent, well-managed market also makes it an attractive long-term base for Sunway. “For us coming from Malaysia, prices always make you go ‘wow.’ Considering the differences in operating costs, we have to find ways to create sustainable value.”
Sunway has been active in bidding for land in Singapore. In July, the Chuan Grove site attracted seven bids, with the highest offer of SGD 703.6 million submitted jointly by Sing Holdings and Sunway Developments.
In September 2023, the mixed-use site at Tampines Street 94 drew six bids, with Hoi Hup Realty and Sunway submitting the top offer of SGD 668.3 million.
Sarena Cheah noted that the group doesn’t set fixed targets for land acquisitions in Singapore. “If the land has potential, fits our strategy and can create long-term value, we’ll consider it.”
Sunway Healthcare IPO Expected in 2026
Just five minutes from Johor’s Tuas checkpoint, the 2,000-acre Sunway City Iskandar Puteri has already sold more than 2,000 homes, with roughly a third of the master plan completed. It is Sunway’s third and largest township, strategically located within the Johor–Singapore Special Economic Zone.
The group’s first integrated township, Sunway City Kuala Lumpur, was an 800-acre wasteland of abandoned and disused mining pools described by Singapore’s founding Prime Minister Lee Kuan Yew as “turning wasteland into wonderland.”
Nearly 40 years on, it has grown into a vibrant community for 200,000 residents, workers and students.
Its second township, the 1,350-acre Sunway City Ipoh, was launched in the early 2000s and is expected to achieve a total gross development value of RM4 billion over the next 10 to 15 years.
Township development is a long-term game, often spanning half a century. Its founder and chairman Tan Sri Sir Dr. Jeffrey Cheah has said that he hopes his children will live to see the completion of Sunway City Iskandar Puteri.
But to Sarena, her father remains the master mind behind the planning. “Our goal is to ensure sustainable development that meets the needs of future generations,” said Sarena.
Healthcare is another priority growth area for Sunway. In 2021, GIC injected RM750 million to acquire a 16% stake in Sunway Healthcare. Sunway Healthcare Group’s initial public offering (IPO) in Malaysia is slated for completion in the first quarter of 2026.
“Once listed, we’ll have a strong platform to expand regionally,
Sarena shared.
Looking ahead, Sunway intends to leverage its scale and explore external growth opportunities through acquisitions and mergers. “When a company grows from RM10 million in revenue to RM5 billion, RM10 billion, or even more, each stage demands different strategies,” she noted.
What remains constant are the group’s three core values: integrity, humility and the pursuit of excellence. But in a world of shifting demographics and fast-changing trends, the question is how the group will chart its next chapter.
For Sarena, the answer lies in her father’s pragmatism. “Dad always taught us to be realistic, play to our strengths and seize opportunities,” she said.
“When he started the business 50 years ago, he could not have imagined what it would become. In the coming years, I believe we can craft a strong plan for the next 50. It shouldn’t just be my effort or my brothers’, but a shared goal achieved together with the wider Sunway team.”
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