Singapore's Thomson Medical launches US$4.3 billion Johor Bay project

SINGAPORE: Thomson Medical Group on Monday (Aug 25) announced the launch of a mega project that includes a private hospital, as well as residential and commercial properties, in Malaysia's Johor. 

The RM18 billion (US$4.3 billion) project, known as Johor Bay, is one of Southeast Asia's largest ventures of its kind, according to the Singapore-listed healthcare company.

Located within the Johor-Singapore Special Economic Zone, it will include Thomson Hospital Iskandariah, specialist suites, aged care facilities and a life sciences tower for medical research.

The 10.52ha development will be anchored by the hospital, which will have the space to accommodate 1,000 beds - an expansion from the planned 500-bed capacity, the group added.

The project will also include luxury residences, a five-star hotel, and commercial-lifestyle precincts catering to regional tourism and medical travellers, it said.

Thomson Medical's executive vice-chairman Kiat Lim said the project was designed with healthcare at its core to meet the growing regional demand for healthcare-linked living and investment opportunities.

Lim is the son of Singaporean billionaire Peter Lim, who controls Thomson Medical Group.

Calling the project the "Marina Bay" of Johor, the group said it will be located 1.2km away from the upcoming RTS station at Bukit Chagar and minutes away from the Causeway and regional ferry terminals. 

The first phase of the project will comprise the private Thomson Hospital Iskandariah and a 47-storey luxury residential tower with 180 units. 

The phase is projected to generate more than 1,200 direct and indirect jobs during its construction and operational phases, Thomson Medical Group said. 

"The time is right - economic tailwinds, infrastructure momentum, and demographic shifts are converging," Lim said.

Southeast Asia is experiencing a steady rise in its ageing 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 per cent in 2024 to 22.9 per cent by 2050.

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.

"The Johor Bay project is a timely and strategic development that supports the state’s longterm goals," he said.

"Not only will the Thomson Hospital Iskandariah project help strengthen Johor’s position as a premier healthcare hub in Southeast Asia, but the wider Johor Bay project will add to our overall economic growth agenda under the JS-SEZ."

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.