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T Makmur Orient Jaya, a subsidiary of property developer Summarecon Group, has secured a Rp 530 billion (US$58 million) loan to build the Summarecon Mal Bekasi shopping center in the Jakarta suburbs.

The eight-year loan from Indonesia’s largest lender, PT Bank Mandiri (BMRI), which includes a two-year grace period, represents 80 percent of the investment in the Summarecon Bekasi subdivision in West Bekasi, Mandiri said in a statement released on Thursday.

Mandiri has previously channeled Rp 250 billion in loans to Summarecon in support of infrastructure growth in Summarecon Bekasi, which covers a 240-hectare area under development since 2010.

“The increasing population clearly needs a large amount of basic social and infrastructure support,” Makmur Orient Jaya president director Johanes Mardjuki said in the statement.

Indonesia’s 6 percent economic growth in the past two years has resulted in a middle-class boom in Southeast Asia’s top economy. With more disposable income, middle-class households are ready to spend more to meet their growing needs in shopping malls.

“The nation’s property sector will continue to grow in line with society’s improved welfare. In the mid-level, for instance, the need for modern shopping centers continues to increase,” said Mandiri’s executive vice president and coordinator for consumer finance Mansyur S. Nasution.

As of March 2012, Mandiri’s loans to the property and construction sectors reached Rp 41.3 trillion, up 32.4 percent from the same period last year. The bank’s housing loans grew by 30 percent to Rp 24.7 trillion in the first three months of this year compared to the same period last year.

Summarecon Group’s listed arm, PT Summarecon Agung (SMRA), has emerged as a stand-out performer based on analysts’ earnings upgrades among 19 companies in the country’s financial sector, data from Thomson Reuters StarMine shows. Eleven out of 12 analysts tracking the stock have either “strong buy” or “buy” recommendations, while only one has a “hold” rating.

Shares in Summarecon Agung have risen 40.3 percent so far this year to Rp 1,740 apiece as of Thursday’s close, compared with the broader index’s 9.4 percent gain. Summarecon Agung has developed three subdivisions in Kelapa Gading, East Jakarta; and the capital’s suburban areas of Bekasi and Serpong, spanning a total area of 2,000 hectares, home to 40,000 houses and apartments, as well as 4,000 offices and shopping centers.

—JP/Esther Samboh