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Singapore Billionaire Peter Lim Unveils $4.3B Mixed-Use Project in Johor, Malaysia

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The Thomson Medical Group, owned by Singapore-based billionaire Peter Lim, has initiated a development plan to construct a private hospital along with residential and commercial facilities valued at more than RM18 billion (US$4.3 billion) in Johor state, Malaysia.

A 26-acre (10.52 hectares) development known as Johor Bay, located inside the southern Johor-Singapore Special Economic Zone, will feature Thomson Hospital Iskandariah, specialized treatment areas, senior living services, and a life sciences building dedicated to biomedical studies, according to a release from the Singapore-based South-east Asian health care firm on Monday.

As one of the biggest projects in Southeast Asia, it further mentioned that it will also feature high-end apartments, a five-star hotel, and retail-and-life style areas.

The number of elderly people in Southeast Asia is increasing steadily due to improved longevity and lower fertility levels.

As per the World Health Organization, the area is projected to experience a notable rise in the percentage of individuals over 60 years old, rising from 12.2% in 2024 to 22.9% by 2050.

Now is the perfect moment: favorable economic conditions, progress in infrastructure development, and changes in population trends are coming together.
Kiat Lim, Executive Vice-Chairman of Thomson Medical and son of Peter
, stated in the declaration.

The head of Johor’s government, Onn Hafiz Ghazi, stated that the state supports the investment, calling it a key enhancement for healthcare availability and economic development.

In January, Malaysia and Singapore unveiled an accord concerning the SEZ in Johor, with the objective of drawing investments and facilitating the flow of goods and individuals across both nations.

A fast railway connection spanning the border is scheduled to finish construction by the end of the following year.

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