Just Residence Bali Project Update

Just Residence: what is really happening with the project — notes from the investor meeting

There has been a lot of speculation around the Just Residence development in Bali in recent months, from a complete construction freeze to potential criminal exposure for the developer. We attended the project’s online investor meeting held on 19 May and recorded what was actually said — without interpretation.

Who is now managing the project

The project has been placed under external crisis management. This role is being taken by Alexander, a major Just Residence investor based in Saint Petersburg. Aaron Geller remains the chief architect and concept author, but his actions are now overseen by the manager. Alexander stated directly that his motivation is his own capital invested in the project and his interest in seeing it completed.

Construction status

According to a licensed expert assessment commissioned by management, the project is 80% complete, with structural integrity rated at 4.5 out of 5. Some investors disputed that figure, citing the May 2025 monthly report, which showed 13.38%, and pointing to the lack of windows, roofing, and cladding on several buildings. Aaron said the discrepancy may have been caused by an error in the earlier report and explained that completion is measured against the approved working documentation, while the “Brooklyn/loft” style (exposed brick, concrete) does not require expensive final finishes. The residue on the facade was described as moss after the rainy season, not mold, and removable with standard treatment.

Project finances

A total of $2.7 mln has been spent so far, including land lease, permits, contractors, utilities, marketing, and commissions. Around 65–70% of the planned funding has been collected from investors. At the time of the meeting, the project had no cash on its accounts. The audit is ongoing, and the final budget required to complete construction has not yet been announced.

The stated funding sources for completion are: sales of 20 unsold units, additional payments from existing investors upon handover of blocks, Alexander’s personal funds through an increase in his stake in the project, and Aaron’s commercial real estate as a reserve fund.

Timeline

Work is expected to restart within two weeks. Full completion of the project is estimated at one to two years. The first building to move forward will be the one with the highest level of completion, located to the left behind the front building; it will also serve as the showroom.

Land

The land is registered to Aaron as a private individual under a 30-year leasehold with extension rights, with 28 years remaining. The land is not being transferred to the development company because the landowners have refused. At Alexander’s initiative, a will is being prepared with three successive heirs to the lease rights.

Payment records

Cryptocurrency payments sent to the wallet approved by Rebecca have been признаны legitimate. Payments mistakenly sent to Nikolai Melnik after his escape will be reviewed individually — there will be no automatic write-off. The claim that investors who did not submit documents via Telegram would lose their shares was officially denied.

Exiting the project

For investors who want to exit, refunds will be made from proceeds of new sales, including priority treatment for those taking a confrontational position.

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 raising bank financing secured against unsold units was also avoided.

The next meeting is scheduled for mid-June in the same format.

What has already moved forward

The first and most practical commitment from management is to compile an updated database of investors, their payments, and their allocated units, followed by publication of a block matrix without names. This is already underway: data collection has been organized, and an investor volunteer with database expertise has joined the process. Within two to three weeks, the first photos from the construction site are expected to confirm that work has restarted. We will continue monitoring the situation and publish updates as they come in.