Sunway’s Jeffrey Cheah: Building Bridges Between Malaysia and Singapore
November 5, 2025
Key Takeaways
- Founder of Malaysian conglomerate deepens regional push with record Singapore acquisition and Johor expansion.
*This article was first published in LianHe ZaoBao and has been translated from the original Mandarin edition.
At the age of 80, Tan Sri Sir Dr. Jeffrey Cheah KBE AO shows little sign of retreating from the corporate frontline. The founder and chairman of Sunway Group, one of Malaysia’s most diversified conglomerates, is extending his business interests across the Johor–Singapore corridor in a move that he says will cement the group’s position as a “gateway” between the two economies.
In September, Sunway announced its RM2.3bn acquisition of MCL Land, the group’s largest in history, marking a significant step into the Singapore property market. At the same time, the group is accelerating development in Johor’s Sunway City Iskandar Puteri and Bukit Chagar districts, both strategically located near the border.
Cheah’s ambitions come as Sunway prepares to list its healthcare arm, Sunway Healthcare Group, in what could become one of Malaysia’s largest IPOs in a decade.
“We are not selling a large stake,” Cheah said in an interview at Sunway City Kuala Lumpur. “We remain very confident in the long-term prospects of our healthcare business.”
Regional Diversification
Founded in 1974, Sunway Group today operates across 13 business divisions, including property development, construction, healthcare, retail, hospitality, and manufacturing. The group’s three listed entities have a combined market capitalisation exceeding RM50bn (approximately S$15.4bn).
Healthcare is now Sunway’s fastest-growing segment. The company operates five hospitals with about 1,700 beds and plans to double capacity to 10 hospitals and 3,500 beds by 2030.
Sunway Healthcare is expected to be listed on Bursa Malaysia next year. Analysts have valued the division at RM15bn to RM20bn, reflecting investor optimism about Malaysia’s private healthcare market.
A key investor is Singapore’s GIC, which in 2021 acquired a 16 per cent stake in Sunway Healthcare for RM750mn. Cheah said GIC’s valuation outbid other interested parties, citing the sovereign fund’s “long-standing confidence” in Sunway. GIC first invested in Sunway more than two decades ago, reportedly achieving a 3.5-times return when it exited in 2012.
Cross-border Healthcare and Ageing Demographics
Sunway’s healthcare expansion has a cross-border component. While the group has no plans to build hospitals in Singapore as yet, it intends to open diagnostic centres in the city-state, which will refer patients to Sunway hospitals in Johor for treatment.
Cheah said the model takes advantage of Johor’s lower operating costs and proximity to Singapore. “We can offer equivalent quality at a fraction of the price,” he said.
The group has also begun developing senior living residences above its hospitals, targeting independent but ageing patients who may require medical supervision. A pilot facility launched in Sunway City Kuala Lumpur last year could be replicated across the network if successful.
From “Wasteland to Wonderland”
Cheah built Sunway’s reputation on large-scale township development. Sunway City Kuala Lumpur, transformed from an abandoned tin mine in the 1980s, became a model for mixed-use urban regeneration and earned a famous endorsement from Singapore’s late founding prime minister Lee Kuan Yew, who praised Cheah for having “turned a wasteland into wonderland”.
That model is now being replicated in Johor’s Sunway City Iskandar Puteri, an 1,800-acre integrated township located six minutes from the Second Link to Singapore. It is Sunway’s third major township, following developments in Kuala Lumpur and Ipoh in Perak.
Cheah said the project’s aim is to create “a complete ecosystem” comprising healthcare, education, logistics, tourism and residential components. Unlike other Sunway cities, Iskandar Puteri will include a members-only motorsport park featuring the Sir Jeffrey Cheah Circuit, a 4.5km private racetrack for supercar owners, scheduled to open next year.
The project will also house an RM8bn integrated logistics hub developed jointly with Singapore-based real estate firm Equalbase, alongside a five-star resort, a hospital, senior-care facilities, schools, and a theme park.
Betting on the Johor–Singapore Special Economic Zone
Cheah is optimistic about the Johor–Singapore Special Economic Zone (SEZ), launched to facilitate cross-border investment and labour mobility. Johor has emerged as Malaysia’s top investment destination this year, surpassing Penang and the Klang Valley.
“The SEZ will create a full value cycle,” Cheah said. “Jobs will lead to higher incomes, which will drive spending and, ultimately, housing demand.”
He added that for Singaporean investors and residents, Johor’s appeal lies in its affordability. “Here, I can offer land and property at one-third of Singapore’s cost,” he said.
Cheah acknowledged that political uncertainty had delayed earlier plans but said proximity to Singapore remained the defining factor.
“If not for its location next to Singapore, I would not have developed nearly 2,000 acres of land. The SEZ is a bonus, not a dependency.”
Long-term Ownership
Sunway operates under a unique build–own–operate model, holding and managing its assets for the long term rather than selling them off. After more than a decade of development, Sunway City Iskandar Puteri has begun to establish its ecosystem of education, tourism, retail and business facilities.
Cheah sees the project as still “in its early stages”, much like Sunway City Kuala Lumpur, which continues to expand nearly four decades after its inception. The latest addition, Sunway Square, will open soon with Shell and Bytedance (TikTok) as anchor tenants in its twin commercial towers. The complex includes a 1,200-seat performing arts centre and a 24-hour library, part of the group’s efforts to integrate cultural and community amenities into its commercial hubs.
In Johor Bahru, Sunway is partnering with Malaysia’s MRT Corp to develop a RM4bn mixed-use project next to the Bukit Chagar RTS station, featuring premium residential towers, a lifestyle retail mall, a medical centre and a hotel. The location is expected to benefit from the Rapid Transit System link connecting Johor Bahru and Woodlands, due to open in 2027.
“These projects will position Sunway as a critical gateway between Malaysia and Singapore,” Cheah said.
Travelling from Singapore’s Orchard Road to Woodlands to Inspect Sunway’s Development Projects
Cheah’s attention to detail extends well beyond the boardroom. Known for his disciplined lifestyle, he jokes that he avoids unhealthy late-night habits.
“I won’t be having nasi lemak at two in the morning at a mamak stall — that’s how you get fat,” he said with a grin.
The same meticulousness informs his approach to construction. He personally reviews building plans, ensuring that there are no unnecessary steps, facilities are wheelchair-accessible, and bathrooms are positioned near bedrooms with safety handrails installed. Even air-conditioning units, he insists, should “never blow directly at the bed”.
A passionate car enthusiast, Cheah has also taken a hands-on interest in transport projects. In connection with Sunway’s role in the Johor–Singapore Rapid Transit System, he once travelled by MRT from Orchard Road to Woodlands to observe engineering progress and better understand commuter needs on both sides of the border.
Reflecting on his more than five decades in business, Cheah acknowledged that not every venture has gone smoothly. During the Asian financial crisis, Sunway was heavily leveraged and came close to collapse.
“I went to the banks, told them the truth and promised to repay every cent,” he said.
The experience, he added, reinforced two principles:
“Good times never last forever, so manage your leverage carefully. And always be honest and humble, in a crisis, that’s when people decide whether to help you.”
Cheah said he has never abandoned a project, even when it meant absorbing losses. “Reputation costs more than money,” he said.
When pitching for the RTS project, he told the board of Malaysia’s MRT Corporation directly:
“If we commit to deliver, we will deliver.”
Next-generation Leadership
Construction, healthcare and real estate are currently Sunway’s three core business segments.
Regarding the acquisition of MCL Land, Cheah said the move would allow Sunway to take a more active role in Singapore’s land tenders and property development.
Meanwhile, Cheah’s daughter, Datin Paduka Sarena Cheah, serves as executive deputy chair of Sunway Group and is closely involved in strategic planning.
She said the acquisition of MCL Land would give Sunway greater flexibility in Singapore’s competitive real-estate market.
“MCL already operates in Johor, so the synergy is natural,” she said. “The acquisition gives us more control, but we remain open to joint ventures where they make strategic sense.”
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