Malaysian billionaire and Sunway Group Chairman Jeffrey Cheah is making a major push into the healthcare business. His Sunway Group, known for building townships across Malaysia, is now focusing on providing top-notch healthcare services for private patients, medical tourists, and wealthy retirees. Sunway Sanctuary, an upmarket retirement living facility occupying the top 16 floors of a tower outside Kuala Lumpur, is just one example of the group’s healthcare offerings.
Cheah’s vision for Sunway Healthcare includes adding more forms of healthcare to his existing townships and expanding its operations throughout Malaysia. The group’s healthcare business has grown significantly in recent years, with revenue reaching 1.5 billion ringgit in 2023. Analysts are optimistic about the future of Sunway’s healthcare push, with projections indicating revenue could hit 2.3 billion ringgit by 2025.
Investors are also showing interest in Sunway’s healthcare business, with Cheah’s fortune doubling in the past 11 months. Sunway shares reached a record high in March, driven by the group’s healthcare plans and other positive factors. Singapore’s sovereign wealth fund GIC has acquired a 16% stake in Sunway Healthcare, valuing the business at 4.7 billion ringgit.
Cheah’s ambitious expansion plans for Sunway Healthcare include adding over 1,800 beds in new hospitals by 2030, taking the total bed count to 3,000. The group is also looking to go public before late 2027, which would provide more opportunities for growth. Challenges such as finding skilled staff are being addressed through educational institutions within Sunway’s township ecosystems, which help attract and retain nursing talent.
Cheah’s philanthropic efforts extend beyond healthcare, with significant donations to top universities around the world. His focus on education and social mobility has been a driving force behind Sunway Group’s success. Cheah’s children have also joined the family business, with plans for succession in place to ensure a strong legacy for Sunway Group and its healthcare business. With a strong team in place and a clear vision for the future, Cheah is confident that Sunway Healthcare will continue to thrive and make a positive impact in Malaysia and beyond.
