This story is part of Forbes’ coverage of Malaysia’s Richest 2025. See the full list here.

With its shares up by nearly one-fifth in the past year, Sunway has delivered healthy returns to its investors, giving a $600 million boost to the net worth of Jeffrey Cheah, Sunway’s founder and chairman.

Cheah, who converted a tin miner into a property giant known for building modern townships, has been overseeing an ambitious expansion of his healthcare business. Backed by Singapore’s GIC, Sunway Healthcare operates four hospitals, with one due to open imminently and five more in the pipeline.

Cheah confirms that the IPO of the unit, originally planned for 2027, is now slated for next year. The company has reportedly enlisted investment banks for a $675 million public offering that could be among Malaysia’s biggest.

Sunway reported a 56% jump in net profit to 1.2 billion ringgit ($269 million), of which a fifth was contributed by its healthcare arm, on a 28% jump in revenue to 7.9 billion ringgit for 2024. In February, Sunway announced a plan to build a $578 million mixed-use project, together with Malaysia’s state-owned commuter rail operator MTR, in Johor Bahru, near the Singapore border.

Cheah maintains a sunny outlook, saying by email, “I fully believe that the best years of Sunway lie ahead of us.”