Sunway, IJM and the politics of consolidation in Malaysia

FOR decades, Sunway Group mirrored the temperament of its founder.

Jeffrey Cheah, one of Malaysia’s richest, built patiently. A former accountant who began in tin mining, he transformed depleted land into master-planned townships. He layered the deck with malls, hospitals and schools, broadening the base from lumpy property earnings to recurring income. The business model was incremental and measured.

Today, Sunway spans 13 business segments from quarries and construction to healthcare and fintech, making it one of South-east Asia’s most diversified giants. It operates in sectors that are foundational, not flashy. And for all its scale, it has rarely sought – or attracted – drama.