Kerry Properties (HKG:0683) won a tender for land in Kowloon for HK$4.31 billion in a competitive bidding process against nine other interested participants, according to a Hong Kong government press release on Tuesday.

Kerry secured the bid for the 5,170-square-meter site on Fat Kwong Street, with a maximum gross floor area of 19,300 square meters, after excluding space for an elderly care center and mental wellness facility as required by the government, according to the press release.

Kerry Properties shares were up nearly 1% in Wednesday's late-morning trading.