Deep Dive

In 1974, Jeffrey Cheah founded Sungei Way Holdings as a tin mining and quarry business in Selangor. The early years were defined by resource extraction and construction related activities.

In 1980, the group acquired approximately 324 hectares of degraded mining land. This asset would later become Bandar Sunway, a cornerstone of its long term development strategy.

In 1984, Sungei Way Holdings was listed on Bursa Malaysia, providing access to capital markets. By 1986, development works began to transform the former mining site into an integrated township.

A defining feature of this phase was vertical integration. The group utilised its own construction materials and capabilities to develop its projects, creating cost efficiencies and operational control that would support future expansion.

In 1996, Jeffrey Cheah restructured the group’s property activities through the acquisition and listing of Sunway City Berhad. This established a dual platform where construction and property development operated as complementary engines.

From 2000 to 2009, Sunway expanded Bandar Sunway into a mature ecosystem encompassing retail, hospitality, education, and healthcare. The township evolved into a model for integrated urban development in Malaysia.

In 2010, the group listed Sunway Real Estate Investment Trust, injecting key assets including Sunway Pyramid and associated hospitality properties. The listing unlocked approximately RM3.7 billion in value and provided liquidity to reduce debt at the parent level.

In 2011, Sunway completed the merger of Sunway Holdings and Sunway City, forming Sunway Berhad. This consolidation eliminated internal competition and strengthened the balance sheet, enhancing borrowing capacity and enabling larger scale investments.

The merger also marked a strategic shift. Sunway transitioned from a developer focused on project execution to an asset owner generating recurring income through investment properties and infrastructure.

From 2012 to 2020, the group diversified further into healthcare, education, and construction while maintaining its integrated township model. Recurring income streams from its REIT and healthcare assets improved earnings visibility and valuation multiples.

In 2026, Sunway initiated a takeover offer for IJM Corporation Berhad at RM3.15 per share, valuing the deal at approximately RM11 billion. The proposed structure comprised 90% shares and 10% cash, positioning IJM shareholders to hold about 20.6% of the enlarged entity.

The transaction has triggered a multi party contest. Permodalan Nasional Berhad has indicated opposition, while Employees Provident Fund Malaysia has opted not to participate in voting.

Attention has shifted to key stakeholders including Kumpulan Wang Persaraan, alongside foreign institutional investors and retail shareholders, each weighing valuation against future potential.

In March 2026, Jeffrey Cheah emphasised that employee retention would be a priority if the acquisition succeeds. He underscored that infrastructure assets derive value from human expertise and execution capability rather than physical assets alone.

The group has also indicated that it does not intend to divest acquired assets. Instead, it plans to implement a structured integration strategy aimed at enhancing operational efficiency and unlocking value across the combined platform.

At a strategic level, Idris Jala has articulated a long term vision for Sunway to expand into 100 markets by 2075. The acquisition of IJM’s infrastructure assets, including highways and ports, would provide a platform to accelerate this ambition.

If completed, the combined market capitalisation of Sunway and its listed entities, including its REIT, construction arm, and healthcare division, could approach RM100 billion over time.