The Sunway Opportunity Bubbling Across The Causeway

05 Nov 2025

by Phillip Research Sdn Bhd

Malaysian conglomerate Sunway Group is steadily expanding its footprint in Johor Bahru, adding new landmarks to the city’s growing skyline. Founded by Tan Sri Jeffrey Cheah in 1974, Sunway has partnered Mass Rapid Transit Corporation (MRT Corp) to develop a RM4 billion (S$1.2 billion) mixed-use project next to the Johor Bahru–Singapore Rapid Transit System (RTS) Link terminus. Just three kilometres away, Sunway Majestic, a 46-storey residential tower launched in early October, has already attracted strong demand from both Singaporean and Malaysian buyers working across the border.

Speaking to Singapore media recently, Mr Cheah said the two new developments will complement Sunway City Iskandar Puteri, an 810-hectare township located near the Second Link within the Johor–Singapore Special Economic Zone.

From Modest Beginnings to Regional Growth

Now valued at US$3 billion (S$3.9 billion) and ranked as Malaysia’s ninth richest by Forbes, Mr Cheah’s connection with Singapore dates back nearly 50 years. In 1976, he opened a small office at Senoko Drive, marking Sunway’s first overseas venture. Since then, the group has quietly expanded its Singapore presence through partnerships with Hoi Hup Realty and Sing Holdings on several residential developments. In September 2025, Sunway acquired MCL Land from Hongkong Land, completing the transaction on October 31. This move lifted the company’s total investments in Singapore to RM14.9 billion, and the operations will now be rebranded as Sunway MCL, serving as a regional growth platform.

A Vision for Self-Sustaining Communities

From its origins as a tin-mining company, Sunway has grown into one of Southeast Asia’s largest conglomerates, spanning 13 business divisions in property, healthcare, education, retail, and hospitality. Mr Cheah is known for his commitment to building self-sustaining townships that integrate healthcare, senior living, and education. This philosophy inspired Sunway Sanctuary, a senior-living residence launched in mid-2023 within Sunway City Kuala Lumpur.

Occupying levels 15 to 30 of the Sunway Medical Centre Tower D, Sunway Sanctuary offers 235 units, with a 50% take-up rate as of June 2025. The facility is connected to the Sunway Pyramid Mall via electric and shuttle buses, and new developments nearby include Sunway Square (opening December 11) and a performing arts centre in 2026. The project serves as a pilot model for Sunway’s senior-living concept, which the company plans to replicate in Iskandar Puteri and Ipoh.

Building the Iskandar Puteri Ecosystem

Work began on Sunway City Iskandar Puteri more than a decade ago, and the township now includes residences, offices, hotels, schools, and retail spaces. Upcoming projects include a 401-bed medical complex featuring advanced healthcare services, with Phase One completion expected by 2030.

A 4.5km race track for car enthusiasts will also open by Chinese New Year 2026, featuring a bonded warehouse where Singaporeans can store supercars duty-free. Membership will be capped at 420, and Mr Cheah notes with a smile, “It won’t be cheap.”

Delivering Growth, Honouring Commitments

Having survived two financial crises — in 1986 and 1997 — Mr Cheah now leads a diversified group with three listed entities: Sunway Construction, Sunway REIT, and Sunway Berhad. The healthcare arm, Sunway Healthcare, is expected to list in 2026. Singapore’s GIC, which currently holds a 16% stake in Sunway Healthcare, will reduce its share to 8.2%, while Sunway will retain 69.5% majority control.

Education as a Legacy

Mr Cheah is equally passionate about education as a means of giving back. In 2010, he donated his entire equity stake in Sunway Education Group — encompassing Sunway’s schools, colleges, and university — to a foundation in perpetuity. Today, it is Malaysia’s largest education-focused social enterprise, on track to award over RM1 billion in scholarships and research grants by 2026. The initiative also feeds talent into Sunway’s ecosystem, with the Sunway Medical Centre collaborating with the group’s academic institutions to train nurses and medical professionals.

A Reputation Built on Reliability

Sunway has a proven track record (they have never abandoned an undertaken project) and Mr Cheah believes that has helped them secure the RTS Link integrated development tender from MRT Corp.

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