Malaysian billionaire Jeffrey Cheah, Chairman of the Sunway Group, is set to list his healthcare business by late 2027 as part of the group’s major push into the healthcare sector. Sunway Sanctuary, an upscale retirement living facility within a newly built tower outside Kuala Lumpur, showcases the luxury amenities that Cheah envisions for the healthcare business. The tower also houses the Sunway Medical Centre, providing easy access to medical care for residents.
Cheah’s ‘everything is here’ mantra drives his vision for creating vast living ecosystems that cater to various needs, starting with Sunway City and expanding to townships in Ipoh and Iskandar Puteri. With the healthcare business poised for growth driven by medical tourism and Malaysia’s aging population, Sunway Healthcare saw a 36% increase in revenue in 2023, reaching 1.5 billion ringgit, and is projected to hit 2.3 billion ringgit in 2025. Investors are keen on Sunway’s healthcare plans, leading to a significant increase in Cheah’s net worth, with Sunway shares reaching a record high in March.
As part of its expansion plans, Sunway Healthcare aims to add 1,852 beds in seven new hospitals by 2030, alongside its current facilities, to meet the growing demand for healthcare services. By offering attractively priced medical tourism packages and leveraging synergies with Sunway’s other businesses like retail and hotels, the group aims to capitalize on the rising private healthcare expenditure in Malaysia. The recent investment from Singapore’s sovereign wealth fund GIC and the Shariah-compliant debt facility obtained by Sunway Healthcare further solidify the group’s financial position for expansion.
One of the key challenges for Sunway Healthcare is attracting skilled staff, with a shortage of nurses leading to underutilized operating theaters. However, efforts are being made to address this through partnerships with educational institutions within Sunway’s ecosystems to train and retain nursing talent. Cheah’s philanthropic efforts in education, including partnerships with top universities like Harvard and Cambridge, aim to elevate Sunway to a leading institution in research and healthcare, focusing on diseases prevalent in Asian populations.
Looking ahead, Sunway Healthcare’s IPO before late 2027 is expected to fuel further expansion and could potentially value the business at 28.9 billion ringgit, making it the largest market capitalization IPO listing in Bursa Malaysia. Cheah’s long-term vision for Sunway City Iskandar Puteri and the healthcare business is supported by strong management and succession planning within the group, ensuring a lasting legacy. His children, who have joined the family business, are poised to continue Cheah’s work and drive Sunway into the future in the healthcare sector and beyond.
