JOHOR BARU: Several waterfront development areas along the coastal line of Iskandar Malayisa will be designated as international zones for housing development projects.

Mentri Besar Datuk Mohamed Khaled Nordin said the move would address fears among locals of foreigners snapping up all available properties in the economic growth region.

He said Tebrau Bay overlooking Singapore is now designated as the international zone and it would be promoted globally to attract more investors into the area.

'The state authorities will be meeting stakeholders in the first week of next month to get their input and the plans would be showcased to the public for two weeks,'' he said.

Khaled was speaking at a groundbreaking ceremony for the multi-billion ringgit waterfront development project by Iskandar Waterfront Holdings Sdn Bhd and China-based Greenland Group on Monday.

Also present at the event were Iskandar Waterfront group executive chairman Tan Sri Lim Kang Hoo and Greenland Group executive vice-president Xu Jing.

The high-end mixed development project '“ Greenland Tebrau with a gross development value of RM30bil on 51.79ha site in Tebrau Bay would be developed in five phases over the next 10 years.

Khaled said although the state government had identified the locations of the zones, it still needed feedback from the stakeholders.

He said among the stakeholders were members of the Johor branch Real Estate Housing Developers Association, Iskandar Regional Development Authority, local authorities and non-governmental organisations.

'The international zones will help to increase competitiveness of the Johor property market and protect local buyers,'' he added.