Billionaire Peter Lim’s Thomson Medical To Build $4.3 Billion Mixed-Use Project In Malaysia

An artist impression of Thomson Medical’s integrated healthcare, residential, hospitality and commercial project in Johor Bay, Malaysia.

Courtesy of Thomson Medical

Thomson Medical Group—controlled by billionaire Peter Lim—said it will build an integrated property development that will feature a hospital, a hotel, a residential tower and commercial amenities in the southern Malaysian state of Johor.

To be built across a 26-acre (10.5 hectares) waterfront site on Johor Bay, the project’s gross development value is expected to reach 18 billion ringgit ($4.3 billion) when completed, the Singapore-listed hospital operator said in a statement late Monday.

Construction of Thomson Hospital Iskandariah—a 500-bed hospital whose capacity can be doubled to 1,000 beds—and a 47-story upscale residential tower featuring 180 units dubbed villas in the sky will start next year under phase one of the project, which is expected to be completed within four years, the company said.

Thomson Medical is proceeding with the project (which was first announced over a decade ago) as Singapore and Malaysia are pushing forward with the development of a special economic zone in Johor with a rapid train system slated to be completed by December next year. The land border between the two countries is among the world’s busiest with more than 300,000 people passing through immigration checkpoints daily.

“The time is right: economic tailwinds, infrastructure momentum and demographic shifts are converging,” Kiat Lim, son of Peter Lim and executive vice chairman of Thomson Medical, said in the statement. “We have built a vision for a mega project that will shape the skyline and the future of the Johor-Singapore special economic zone bay area for the years to come.”

Thomson Medical is the largest shareholder of Kuala Lumpur-based hospital operator TMC Life Sciences, which is also backed by Ismail, the Regent of Johor and eldest son of Malaysian King Ibrahim Iskandar. Last week, the regent tapped Peter Lim’s RSP Architects, Planners and Engineers to develop a sprawling waterfront estate, which will be the royal family’s private residence, in the coastal town of Desaru in southeastern Malaysia.

Kiat, who is also chairman of RSP, has been expanding Thomson Medical’s operations beyond its core Singapore and Malaysian markets. In 2023, he led the acquisition of Vietnamese hospital operator Far East Medical Vietnam for up to $381 million.

The elder Lim—who has a real-time net worth of $1.8 billion according to Forbes’—was a former stockbroker. He turned a windfall from the sale of his stake in palm oil giant Wilmar International more than a decade ago into a multibillion-dollar portfolio spanning education, healthcare, real estate, and sports. The self-made tycoon also owns Spanish football club Valencia, which is also helmed by Kiat.