International zone for property to be revealed soon

JOHOR BARU: The international zone for property and guidelines for service apartments will be made public in next two months.
Johor Mentri Besar Datuk Seri Mohamed Khaled Nordin said this after officiating the ground breaking ceremony of the river rehabilitation project titled "The River City @Danga Bay", at Sungai Danga here today.
Mohamed Khaled said that the international zone and service apartment guidelines are strict measures to overcome the oversupply of service apartments and strengthen the property development here.
He explained that foreigners can only buy property located in the international zone, adding that the zone locations will be revealed in the near future.
Last week, a Monetary Authority of Singapore (MAS) board member Lawrence Wong gave this perspective in Singapore Parliament when he warned that a glut of private residences in Johor could cause a fall in property values.
Wong, also Minister for Culture, Community and Youth of the city state, said many Singaporeans have invested in the Iskandar Region.
In response, Mohamed Khaled said: “Singapore is always wary about their people coming here (Johor). Johor is more attractive because our cost of living is lower, so house prices in Johor is very affordable for a Singaporean.”
He said such cautious reaction was not new, citing the two-third oil tank policy for Singaporean vehicles when leaving the city-state which was introduced a few years ago.
The River City @Danga Bay is a RM2.5 billion project by Iskandar Waterfront Holdings Sdn Bhd (IWH) to clean, beautify and transform polluted Sungai Danga into the country’s top riverfront tourist destination.
A 6-kilometre boardwalk, costing RM150 million, in its first phase project is expected to be completed by the year end. The remaining 14-kilometre boardwalk will be constructed later.