New private members-only club for the rich opening in South Africa
A new private-members-only club will open in Cape Town next month as South Africa’s second-biggest city attracts more corporate investment and wealthy residents.
Maison Grace, developed by Kasada Capital Management — the Africa-focused hospitality firm backed by the Qatar Investment Authority and French hotel group Accor SA — aims to attract members from a range of professions and industries.
Located within the Cape Grace hotel estate on a private quay at the V&A Waterfront, the club is the latest sign of Cape Town’s growing economic and cultural influence. Private members’ clubs are synonymous with global wealth centers such as New York, London, Singapore and Dubai.
Good governance and job creation that outpaces that of other major South African metros are fueling internal migration to the coastal city.
At the same time, its growing technology and startup ecosystem, picturesque scenery and temperate climate are attracting global talent as well as high-income earners and holidaymakers.
It’s among Africa’s fastest-growing hubs for millionaires and is set to overtake Johannesburg as the continent’s richest city by 2030, according to Henley & Partners.
That’s prompting local companies to bolster premium offerings with the V&A Waterfront leading the shift through the construction of a luxury mall, a new super-yacht marina, high-end residences and Marriott International Inc.’s most luxurious hotel on the continent.
Still, Cape Town’s boom is contributing to a shortage of affordable housing and pricing locals out of the property market, where home prices have risen 30% in the five years through March 2024.
Inequality and violent crime, particularly in areas where the apartheid government forcibly relocated people of colour, remain major concerns.
Across Africa, private members’ clubs are emerging in some of the wealthiest cities such as Lagos and Nairobi, where large groups of entrepreneurs, investors and other leaders are willing to pay to join exclusive communities.
“We believe demand is being driven by broader shifts in how people live, work and connect,” Olivier Granet and David Damiba, Kasada’s managing partners and co-chief executives, said in response to questions.
“Where market fundamentals are right, these concepts have the potential to strengthen hospitality assets by creating year-round engagement, diversified revenue streams and deeper connections with local communities”.
While Maison Grace marks Kasada’s first investment in private members’ clubs, the firm would consider similar opportunities across the continent given the right conditions, they said. Its portfolio includes 20 hotels across seven African locations.
The club in Cape Town will offer year-round dinners, talks, cultural events, wellness experiences and curated partnerships.
Membership is by application and review, with annual fees — excluding initiation costs — starting at R30,000, and lower rates for members aged 35 and younger. The national median monthly income is less than R5,500.
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