Thomson Medical Group—controlled by billionaire Peter Lim—said it will build an integrated property development that will feature a hospital, a hotel, a residential tower and commercial amenities in the southern Malaysian state of Johor.

To be built across a 26-acre (10.5 hectares) waterfront site on Johor Bay, the project’s gross development value is expected to reach 18 billion ringgit ($4.3 billion) when completed, the Singapore-listed hospital operator said in a statement late Monday.

Construction of Thomson Hospital Iskandariah—a 500-bed hospital whose........

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