How a Taipei developer drafted Karl Lagerfeld to give luxury flats extra appeal

For devotees of Karl Lagerfeld, the ultimate fashion statement this year could be Fendi’s turquoise suede hybrid shirtjacket. For some it could be his Mood Egg spoon holder. Or it may be a US$5.7 million luxury penthouse in an industrial city in central Taiwan.

A Taipei-based developer is hoping the late Chanel and Fendi creative director will give them an edge over their competitors in appealing to Taiwan’s ageing generation of multimillionaire business owners following years of stagnant property prices.

In one of his first forays into architecture, Lagerfeld agreed in 2014 to design a flat complex in Taichung City in collaboration with developer Jut Group. Slated for completion in 2022, the flats will range in price from US$1.1 million to almost US$6 million for an 8,900 square foot penthouse.

Jut Group vice chairman Aaron Lee said the group initially contacted Lagerfeld about the project in 2012 because they felt a fashion designer would carry broader name recognition than even some of the world’s better-known architects. He was involved in every aspect of the buildings’ design, according to Lee, from the architecture to the interiors.

“Women are the key decision makers when it comes to buying property,” said Lee. “If a flat designed by Chanel’s creative director can win over the women, there will be demand for it once it’s built.”

Lagerfeld died in February at the age of 85.

Taiwan is home to more than 1,500 people with more than US$30 million in assets, the eighth-highest number of ultra-high net worth individuals in the world, according to Knight Frank’s 2019 wealth report. And Taiwan’s wealthy have a particular liking for real estate, owning 5.4 properties on average, ahead of four in Hong Kong and 4.6 in the Middle East, the report says.