Plaster Flaking on Concrete Boundary Walls

[pebblebeach]

My house has concrete boundary walls which were covered by a fine plaster skin and then painted on construction in 2008. This is flaking in places. My initial thought is to remove the plaster from where is is flaking back, some has fallen off anyway, to a good edge and then paint the whole walls with a white permeable paint. Then if more flaking occurs repeat the process. Is this sensible and if so what brand / type of paint should I use?

Parts of some walls are backed by earth and other parts are clear on both sides, the flaking is happening over both areas.

Thanks