SINGAPORE - A major new Singaporean development in Johor will include a 500-bed hospital with aged care facilities, a luxury hotel, serviced residences and more, as local businesses increasingly seek to capitalise on lower costs and ample space across the Causeway for expansion.

 

These plans were announced by Thomson Medical Group, which is listed on the Singapore Exchange, after the market closed on Aug 25. The healthcare services provider is controlled by Singapore billionaire Peter Lim.

 

It is the latest company to announce investments in the Johor-Singapore Special Economic Zone (JS-SEZ), which was established in January.

 

The business and investment zone, spanning the Iskandar Development Region and Pengerang, is projected to generate 20,000 skilled jobs for residents on both sides of the Causeway.

 

Thomson Medical said the 26-acre project, known as Johor Bay, will benefit from being located close to a station on the upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link, and ferry terminals connecting the Malaysian state to Batam and the Riau Islands in Indonesia.

 

The site has a projected gross development value of over RM18 billion (S$5.5 billion), making it one of the most expansive private healthcare and real estate ventures on prime land in South-east Asia, according to Thomson Medical.

 

The first phase of the project will comprise parts of Thomson Hospital Iskandariah, which will open when the RTS Link becomes fully operational, and a 47-storey luxury residential tower.

 

This is expected to generate more than 1,200 jobs in the construction, operations, healthcare and hospitality sectors.

 

Thousands of jobs are expected to be added when the rest of the project, featuring a five-star hotel, and other commercial and lifestyle offerings, begins to operate.

 

The Johor Bay development will have a &ldquo strong clinical core&rdquo and be anchored by the hospital, which has the space to expand its capacity from 500 to 1,000 beds, Mr Kiat Lim, executive vice-chairman of Thomson Medical, told The Straits Times. He is also Mr Peter Lim&rsquo s son.

 

Thomson Medical Group&rsquo s mega development will comprise a 500-bed hospital with aged care and assisted living facilities, a five-star hotel, serviced residences and lifestyle amenities.

It will also have specialist medical suites, aged care and assisted living facilities, post-natal and transitional care offerings, and a life sciences office tower.

 

Mr Kiat Lim said the healthcare group will be engaging current and returning Malaysian doctors to practise at the site, in collaboration with its Singapore-based specialists and South-east Asia medical professionals.

 

&ldquo Johor Bay gives us the space to reimagine aged care for today&rsquo s and tomorrow&rsquo s generations. We are building a holistic wellness and healthcare ecosystem to be able to provide a continuum-of-care approach in the area of aged care and assisted living,&rdquo he said.

 

&ldquo Residents can transition seamlessly between levels of care &ndash from low-touch, senior-friendly living environments that prioritise independence and comfort, to hospital-adjacent geriatric and intensive care when medical needs arise &ndash all within the same healthcare zone.&rdquo

 

He added that in Singapore, high land costs, a tight labour market and space constraints ultimately translate into higher costs for healthcare operators and patients.

 

&ldquo Being located in the Johor-Singapore SEZ allows us to tap cross-border patient demand while unlocking access to land, talent, and infrastructure at a scale and cost that simply isn&rsquo t possible in Singapore,&rdquo he said.

 

This will allow the group to &ldquo offer premium healthcare, aged living, and lifestyle experiences at more accessible price points, without compromising quality&rdquo .

 

 

The company expects demand to be driven by South-east Asia&rsquo s ageing population, a rise in chronic illnesses, and increasing appetite for private healthcare and medical tourism.

 

The company expects demand to be driven by South-east Asia&rsquo s ageing population, a rise in chronic illnesses, and increasing appetite for private healthcare and medical tourism.

 

Johor Bay will also offer larger luxury apartments at a &ldquo significantly more accessible&rdquo price than equivalent Singapore properties, according to Mr Kiat Lim.

 

He added that it has so far seen strong interest from regional investors, overseas home owners and cross-border professionals, &ldquo signalling confidence in the project&rsquo s combination of luxury waterfront living and proximity to Singapore&rdquo .

 

Earlier in 2025, Malaysia&rsquo s Maybank said that Johor could see as much as RM2.35 billion in investment inflows over the next three to 10 years from its Singapore-based clients.

 

It said three Singapore clients had expressed interest in investing in the JS-SEZ, one of them being Thomson Medical.

 

The other clients were property management firm Centurion Corp &ndash also listed on Singapore&rsquo s stock exchange &ndash and Alpine Renewables and Edible Oils, a supplier of feedstock to biofuel producers in the US, Europe, South Korea and China.

 

The move comes after Thomson Medical acquired Vietnam&rsquo s FV Hospital for up to US$381.4 million (S$489.5 million) in 2023.

Thomson Medical Group has launched and priced $160 million of notes due 2029, according to an Oct 21 bourse filing.

 

The notes are issued under the group&rsquo s $1 billion multi-currency debt issuance programme, which was established on June 28, 2019. 

 

The notes are set to carry an interest of 4.65% annum payable semi-annually in arrear, which will mature five   years from the date of issue. 

 

DBS Bank has been appointed as the sole global coordinator, while CIMB Bank Berhad, Singapore branch, DBS Bank and Maybank Securities, Oversea-Chinese Banking Corporation Limited and United Overseas Bank U11 Limited have been appointed as the joint lead managers and joint bookrunners of the notes. 

 

The net proceeds from the notes are expected to go towards the refinancing of existing borrowings and general working capital of the group.

 

The notes are set to be issued on the Singapore Exchange S68 Securities Trading (SGX-ST) on Oct 29.