Just Residence: New Management Steps In to Save the Project

Just Residence: what’s really happening with the project — report from the investor meeting

Rumors have been swirling around the Just Residence complex in Bali for months: from a total construction freeze to potential criminal cases against the developer. We joined the online investor meeting held on May 19 and recorded what was stated on the record — without interpretations.

Who manages the project now

External crisis management has been introduced. It is led by Alexander — a major Just Residence investor based in St. Petersburg. Aaron Geller remains the lead architect and concept author, but his actions are now overseen by the manager. Alexander stated plainly that his motivation is his own capital in the project and his interest in seeing it completed.

Project status

According to a licensed technical audit commissioned by management, construction readiness is assessed at 80%, with structural integrity at 4.5 out of 5. Some investors disputed the figure, citing the May 2025 monthly report showing 13.38% and pointing to missing windows, roofing, and cladding on several buildings. Aaron attributed the discrepancy to a possible error in the previous report and clarified that readiness is calculated per approved working documentation, while the “Brooklyn/loft” style (exposed brick, concrete) does not require expensive final finishes. The film on the facade was identified as moss after the rainy season, not mold, and can be removed with standard treatments.

Project finances

$2.7M has been spent to date — covering land lease, permits, contractors, utilities, marketing, and commissions. Investors have contributed 65–70% of the planned budget. There was no cash in the project accounts at the time of the meeting. The audit is ongoing; the final completion budget has not been disclosed.

The declared sources to finance completion are: sale of 20 unsold units, top-up payments from existing investors upon handover of blocks, Alexander’s personal funds via an increased stake, and Aaron’s commercial property as a reserve fund.

Timeline

Work start — within two weeks. Full completion — between one and two years. The first building to resume is the most advanced block located to the left behind the facade building; it will also serve as the showroom.

Land

The plot is held by Aaron as an individual under a 30-year leasehold with extension rights; 28 years remain. Transfer of the land to the developer company is not proceeding — the landowners refuse. At Alexander’s initiative, a will is being executed with three sequential heirs to the leasehold rights.

Payment recognition

Crypto payments to the wallet agreed with Rebecca are recognized as legitimate. Payments mistakenly sent to Nikolay Melnik after his escape will be reviewed case by case — no automatic write-offs. The claim that investors who did not submit documents via Telegram would lose their shares was officially refuted.

Exiting the project

Investors wishing to exit will be refunded from proceeds of new sales, with priority given to those most intent on conflict.

What remains unanswered

A direct question about Alexander’s legal status in the company “Vertikal” (whether he is a shareholder, a board member, or only an investor with a management mandate) was not answered. The question of bank financing secured by unsold units was sidestepped.

Next meeting — mid-June, same format.

What has already moved

The first and most practical promise from management is to compile an up-to-date investor database, mapping payments and assigned units, followed by publishing a block-by-block matrix without names. This is already in progress: data collection is organized, and an investor-volunteer specializing in databases has joined the process. Within two to three weeks, the first on-site photos are expected to confirm work has started. We’ll monitor and publish updates as they come.