JAKARTA, INDONESIA — November 2025:An insider from Kinnara Real Estate Platform, which was recently bought out of the multi-billion-dollar Marina Bay City project in South Lombok, has denied allegations that the company used proceeds from the buyout to secretly acquire land deals previously under negotiation by Marina Bay City.

According to the insider, the rumors circulating online are “completely false and unfounded,” insisting that the buyout with Lux Projects and Marina Bay City was entered into “in good faith.”

“There is no intention whatsoever for Kinnara to become a property developer in the Marina Bay City area, nor to compete in any way against Marina Bay City,” the insider said. “Kinnara has never engaged in property development and remains focused solely on its core business as a real estate technology and platform company.”

The insider explained that Kinnara has no experience in property development and would never consider attempting to compete with such a large-scale project.

“As Kinnara has no property development experience, it would be foolish to move away from its core competencies and try to compete against a project as large as Marina Bay City,” the insider continued. “It is absurd to suggest the company would ever contemplate developing property without the required expertise, team, or experience. Kinnara is an IT-based real estate platform, and it would also be a conflict of interest to advertisers if it promoted its own projects ahead of paying agents.”

The insider also rejected speculation that Kinnara delayed payments owed under the buyout agreement to obstruct Marina Bay City’s land acquisitions.

“Any suggestion that payments were deliberately withheld to slow Marina Bay City’s progress is categorically false. Such actions would be unethical and could amount to fraud — and Kinnara would never engage in such conduct.”

The source reaffirmed that Kinnara remains fully compliant with all buyout terms and continues to cooperate with Marina Bay City management to ensure a transparent transition.

The insider concluded by calling the accusations “unfounded rumors” and reaffirming

Kinnara’s commitment to ethical conduct within Indonesia’s growing real estate sector.

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