Singapore billionaire Peter Lim's Thomson Medical unveils $4.3B mixed-use project in Malaysia’s Johor

By Reuters August 25, 2025 | 08:27 pm PT

Peter Lim and his wife Cherie Lim before the La Liga match between Valencia CF and Sevilla FC at Mestalla Stadium on Dec. 8, 2018. Photo by AFP

Thomson Medical Group, controlled by Singaporean billionaire Peter Lim, has launched a project to build a private hospital and residential and commercial properties worth over RM18 billion (US$4.3 billion) in Malaysia's Johor state.

The 26-acre (10.52 hectares) Johor Bay project, within the southern Johor-Singapore Special Economic Zone, will include Thomson Hospital Iskandariah, specialist suites, aged care facilities and a life sciences tower for medical research, the Singapore-listed Southeast Asian healthcare company said in a statement on Monday.

The project, among the largest of its kind in Southeast Asia, will also include luxury residences, a five-star hotel, and commercial-lifestyle precincts, it added.

Southeast Asia is experiencing a steady rise in its aging population, driven by longer life expectancy and declining birth rates.

According to the World Health Organization, the region is expected to see a significant increase in the proportion of people aged 60 and above, from 12.2% in 2024 to 22.9% by 2050.

"The time is right: economic tailwinds, infrastructure momentum, and demographic shifts are converging," Kiat Lim, Thomson Medical's Executive Vice-Chairman and Peter’s son, said in the statement.

Johor's Chief Minister Onn Hafiz Ghazi said the state welcomed the investment, describing it as a strategic boost to healthcare access and economic growth.

Malaysia and Singapore announced the agreement for the SEZ in Johor in January, aiming to attract investment and free up the movement of goods and people between the two countries.

A new rapid train link across the border is due to be completed at the end of next year.