iCITY Phase 2 Sells 105 Industrial Units in Kwai Chung for HK$289 Million
HONG KONG, June 4, 2026 — Soundwill Holdings' iCITY Phase 2, a new-generation digital industrial project in Kwai Chung, has recorded cumulative sales of 105 strata units totaling approximately HK$289 million, according to an announcement from JLL.
Deal Details and Pricing
The 105 units sold at iCITY Phase 2 represent an implied average price of roughly HK$2.75 million per unit. The most recently recorded transaction highlighted by JLL involved a high-floor unit with a gross floor area of approximately 422 square feet, which changed hands for around HK$3 million, or approximately HK$7,114 per square foot. The transaction carried a 45-day completion period.
The buyer in that transaction was identified as a young owner of a beauty technology company who had previously been leasing space in a traditional industrial building in the Kwai Chung area. According to JLL, the buyer opted to upgrade from tenant to owner, citing the project's modern workspace environment, interior aesthetics, and pricing that fit within budget.
iCITY Phase 2 units range from approximately 335 to 449 square feet in gross floor area, with each floor offering 15 open-plan workspaces. Each unit includes a private washroom, 4.2-meter floor-to-floor height, large curtain-wall glazing, three-phase power supply, and fittings from international brands including Daikin, Yale University, and Hansgrohe. Units are also configured for commercial registration, with signage provisions at the entrance.
Yield Expectations and Upcoming Tenanted Units
Property agents cited in the JLL announcement project asking rents of approximately HK$25 to HK$30 per square foot per month for iCITY Phase 2 units, which they say would support gross rental yields above 4%. JLL noted that the developer is preparing to launch a limited batch of tenanted units in the near term, offering investors immediate rental income upon purchase.
The HK$2 million to HK$3 million price band positions iCITY Phase 2 as an accessible entry point into industrial strata ownership, according to JLL's commentary in the announcement.
SME "Rent-to-Own" Trend and Investor Demand
JLL's project strategy advisor 李遠峰 commented on the sales momentum, noting that demand reflects both user and investor appetite for quality industrial workspace. "iCITY Phase 2's sales momentum remains ideal, reflecting strong demand from users and investors for quality industrial space," 李遠峰 said. "We have also noticed that many corporate users are purchasing workspaces to upgrade their working environment while also preserving asset value. The project's design balances practicality and modernity, successfully attracting users to transition from tenants to owners."
李遠峰 added that capital flows in the market have increasingly targeted property types offering stable returns, particularly lower-entry-cost workspace products. "iCITY Phase 2 has strong rental demand support and clear yield potential, which continues to enhance its appeal to investors. We believe the upcoming tenanted units will provide the market with more immediately income-generating options, further driving transaction momentum," he said.
The buyer profile highlighted in the announcement — a service-sector SME operator transitioning from leasing older industrial space to owning a new-build unit — illustrates the type of demand the project has attracted, according to JLL.
Project and Developer Background
iCITY is developed by Soundwill Holdings, a Hong Kong-listed property company established in 1978 that focuses on property leasing, building management, and real estate development. The project is divided into Phase 1 and Phase 2, with both phases offering 24-hour workspaces. Phase 1 and Phase 2 together offer units ranging from approximately 335 to 510 square feet in gross floor area, while Phase 2 units specifically range from 335 to 449 square feet.
JLL, listed on the New York Stock Exchange under the ticker JLL, is acting as the project's sales and strategy advisor. The firm reported annual revenue of US$26.1 billion and employs more than 113,000 people across more than 80 countries as of March 31, 2026.
Sources
JLL Hong Kong Newsroom — iCITY Phase 2 Cumulative Sales Announcement, June 4, 2026