1openmind...If over 50 and applying to Sarawak.
You would have to submit a different application than the Peninsular MM2H. One can't transfer acceptance from one to the other. Thus you would be applying under the new Sarawak rules.
Sarawak (as of 1 September) for over 50 (couple) application has increased their FD from RM150K to RM300K ($75K). If however you could qualify under their income/pension provision that has stayed the same (RM10,000/month). I assume that you were able to demonstrate this on your Peninsular application so that would be the option you might look into. In Sarawak it's EITHER the FD OR Pension/Income....not "AND". Thus more flexibility.
Schools are cheaper and the international and some Chinese vernacular schools used the Cambridge qualifying standards. There is current talk about opening up about half a dozen other State schools using the Cambridge curriculum. Where they will get qualified teachers is yet unknown? The'll have to allow lots of expats in my view.
Of course you'll also have to fulfill the other provisions...1) either a Sarawakian sponsor or agent, 2) Health Checks and Insurance for all members of the family, 3) Letter of Good Conduct (principal only), 4) Fifteen days a year in Sarawak in order to renew.
As you are over 50 there is no property purchase requirement. You can rent. Or live in the Peninsula. Or even out of the country (provided you visit annually -IF you want renewal).
Ten year visa will be awarded for self and spouse...children in school will have to get a Student Visa (annual). If not in school in Sarawak they will be a dependent on the MM2H...they are now allowing unmarried children up to 21 to be dependents, as can parents (I suspect only of the principal applicant).