Malaysian billionaire Jeffrey Cheah’s Sunway Healthcare buys $11M land in Johor push
Sunway Healthcare, part of billionaire Jeffrey Cheah’s Sunway Group, is buying four parcels of land in Sunway City Iskandar Puteri for RM45.37 million (US$11.1 million) to expand into Malaysia’s Johor state.
Malaysian billionaire Jeffrey Cheah's Sunway Healthcare has acquired a 99.9% stake in a 410-bed hospital site in Johor, Malaysia. The acquisition is part of the group's strategy to expand its tertiary hospital network and meet the unmet demand for healthcare services in the southern region. The proposed development, which is expected to cost RM781.6 million, will be built on 2,000 acres of land located at Sunway City Iskandar Puteri, a township situated near the Second Link that connects Johor to western Singapore.
The land purchase is anticipated to be finalized by the second quarter of 2027 and does not require shareholder approval. The acquisition will be financed through a mix of internal funds and bank borrowings. Sunway Healthcare, which went public on Bursa Malaysia earlier this year, reported a 24% year-on-year revenue increase to RM587 million in the first quarter, despite a 14% drop in net profit due to increased depreciation and finance costs related to its recent expansion.
The firm currently operates 1,805 licensed beds and a total bed capacity of 1,982. Sunway Healthcare shares closed 1.54% lower at RM1.92 on Wednesday, resulting in a market capitalization of RM22.1 billion. The company is a subsidiary of Sunway Group, one of Malaysia's largest conglomerates with operations in construction, real estate, healthcare, education, and infrastructure.
Cheah, the group's founder and chairman, is ranked as Malaysia's eighth-richest billionaire by Forbes, with a net worth of US$5.3 billion.
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