The Rapid Transit System under construction linking J Johor to Singapore is a key catalyst of ... [+]
Sunway Group—controlled by Malaysian billionaire Jeffrey Cheah—is building a 2.6 billion ringgit ($578 million) mixed-use residential and commercial property in partnership with the Malaysian state-owned commuter rail operator MTR Corp. near the Singapore border.
To be built across a 1.7-hectare plot next to the Bukit Chagar train station in Johor Bahru, the property will be linked to Singapore’s Woodlands North Station via the Rapid Train System (RTS), Sunway said in a regulatory filing.
The project—comprising a residential and commercial towers, a retail mall, schools, and a wellness hub—seeks to tap into the property boom in Johor, which has been earmarked by Malaysia and Singapore as a special economic zone. Construction will begin next month, with the first phase, with a multi-storey parking and integrated transport facility, slated to open in November 2026.
“We view the joint venture with MRT Corp positively as it will strengthen Sunway’s presence in Johor,” Jessica Low, an analyst at MIDF Research in Kuala Lumpur, wrote in a research note. Sunway shares gained 1.7% to close at 4.70 ringgit.
Low noted that there’s robust demand for the residential project at Sunway City Iskandar Puteri—a 1,800-acre township (with a gross development value of about 30 billion ringgit) being developed by the company in Johor—due to the special economic zone and RTS developments. Sunway still has a sizable landbank in the area of about 698 acres, she added.
Cheah, who is currently the chairman of the Sunway Group has an estimated net worth of $3.5 billion according to Forbes’ real-time data. In over five decades, he has transformed a small tin-mining company into a diverse empire spanning education, healthcare, hotels, and infrastructure. Sunway’s healthcare division, eyeing a Bursa Malaysia listing, already operates three hospitals with seven more planned.