Access
Every project is offered to the club first. What is not subscribed inside the club does not go outside — it is cut smaller or stays.
By invitation
Investors
Club
The club is closed. If you have received an invitation, the access word opens it.
No invitation yet? Write to us — we consider every enquiry personally. Request an invitation
Investors Club · Cape Town
Why investors
choose Cape Town
Residential development on the Atlantic Seaboard — sold before it is built. For a closed number of participants.
70% sold before construction24 months termA selected circle of investorsExclusive access to developmentsPrime locations, Atlantic Seaboard
Kap Maison · Fresnaye, Cape Town
Manifesto
A small number who know each other.
That is the whole structure.
The Kaphaus Group Investors Club is not a fund and not a platform. It is a closed investor community: a manageable number of people who hold the same projects — and who know who else holds them.
We select for conviction, not for volume. No anonymous small investors, no shifting shareholders, nobody you first meet at distribution. Whoever is in brings what cannot be bought: a passion for Cape Town and the patience good architecture demands.
PW
Paul Leonard Walter
Founder, Kaphaus Group
70%sold before constructiona condition, not a target
96%of construction cost coveredby pre-sales
approx. 1.40xmultiple on equitybefore investor taxes
approx. 18%annualised p.a.over a 24-month term
All figures come from the example project Kap Maison. We raise no capital for Kap Maison itself — the next projects follow the same model. The return depends on the individual project and will move within this range.
The club
What members receive
Three things no brochure replaces.
Insight
You see the appraisal, not the summary. Assumptions, cost lines, sales rates — open, so you can run the numbers.
Proximity
Access to curated occasions: site visits in Cape Town, evenings with the build team, annual meetings and investor events. Having seen the projects where they stand, you invest differently.
The place
Cape Town is not a market.
It is a location.
There is no room left between Table Mountain and the Atlantic. On the strip from Sea Point to Camps Bay you cannot densify: the slope is steep, height is capped, the neighbourhood is protected. What stands, stands — and what is built competes with almost nothing.
Demand comes from outside. International buyers, second homes, capital looking for a stable legal framework. No comparable plot has traded in Fresnaye in years.
The path
From subscription
to distribution
Six steps. Around 24 months. Each with what happens to your capital at that moment.
-
M0
Subscription
You subscribe for equity in the project company.
100% subscribed -
M1–4
Site
Purchase, planning, buildability, construction drawings.
committed to the land -
M3–9
Sales launch
Marketing before the first excavator. Target: 70%.
inflows begin -
M9–21
Construction
Twelve months of build, cost control external.
peak exposure -
M21–23
Handover
Inspection and handover to the owners.
proceeds fall due -
M24
Distribution
Sale of remaining units, reconciliation, split.
capital back + profit
The images
Kap Maison,
as it will be
Fourteen apartments over four levels. 55 to 163 square metres, each with outdoor space. Completion Q3 2027.
The example
Kap Maison
Fresnaye, Cape Town. Fourteen units, four levels, from Lion's Head to the Atlantic.
- Sales value incl. VAT
- R 114.0m
- Total cost excl. VAT
- R 83.7m
- Profit after tax
- R 9.5m
- Investor equity
- R 19.2m
- Pre-sales
- 70% before construction
- Completion
- Q3 2027
- Sales
- Launchbase
- Architecture
- HHH Architects
Figures from the project appraisal of 22 October 2026.
Subscribed in full
Our own money first.
Kap Maison is subscribed in full by its three founders — Marc, Leo and Paul financed and developed the pilot from their own funds: site, feasibility, planning permission, construction. That was the proof we wanted to establish ourselves before opening the model. Which is what we now do: the next projects open to investors who want a share in similar developments.
3Founderssubscribed the pilot project in full
100 %own capitalno external capital in the pilot project
14UnitsKap Maison, under construction
The maths
What CHF 100,000
becomes
CHF 100,000 becomes roughly 142,000 after 24 months — a multiple of approx. 1.40x and about 18% a year.
Your side, per CHF 100,000
What Kaphaus receives
Example project Kap Maison, appraisal of 22 October 2026, pro-rated: capital paid in full at signing, one distribution at exit, preferred return simple and not guaranteed, carry of 20% above the hurdle. Amounts in rand, unhedged, before tax. No capital is raised for Kap Maison. The figures are conservatively rounded to approx. 1.40x and approx. 18% p.a.; the model returns 1.43x and 19.4%.
Plainly
What can go wrong
A participation is entrepreneurial. Anyone who claims otherwise is selling something else.
Demand
70% sold before construction; without that ratio we do not build.
Prices
Buffer to −27% sale price, then zero.
Cost
Fixed trades, external control; +10% costs margin.
Time
Delay costs time, not substance — proceeds are secured.
Currency
Proceeds in rand, unhedged for CHF and EUR investors.
Lock-up
Committed until sale, no secondary market, no redemption.
The founders
Paul Leonard Walter
Founder and shareholder, Kaphaus Group · Managing Director, Cullinan Capital AG
Third generation in property, four years in the investment team of Corestate Capital Group, developing on his own account since 2021 in Potsdam and Switzerland. On Kap Maison he holds the investment case, the funding structure and the specification.
- GSS ONE and GSS TWO, Potsdam
- EUR 55.5m
- AURUM and Alpinum, CH
- approx. EUR 21m
- Quelle Areal, Corestate
- EUR 450m +
BSc International Business, EBS Oestrich-Winkel · MSc Real Estate Development, IE Madrid
The build team
Who builds it
Design, cost, construction, sectional title, legal and sales sit with the same partners — across every project.
HHH Architects
Architecture
Sutherlands
Engineering
Multi QS
Quantity surveying
Harmse Kriel
Legal
M. Jakins
Surveying
Launchbase
Sales
The invitation
You can
join the club.
We speak with everyone personally before they are in. Not as a test, but because a closed number only works if people know each other. Write us a few lines — we will come back to you.
By invitation · Zurich and Cape Town