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Bank Mandiri, Indonesia’s biggest bank by assets, has taken the lead on a syndicated loan to Ciputra Adigraha, a subsidiary of Ciputra Property, one of the biggest listed property companies.

The Rp 1.83 trillion ($201 million) loan has a maturity of eight years, including a one-and-a-half-year grace period, Bank Mandiri said in a statement on Thursday

It will be used to help finance a “superblock” project, Ciputra World Jakarta 1, which the developer has said will require a total investment of Rp 4 trillion.

The superblock is an integrated property block built on 5.5 hectares of land in South Jakarta. It will include a mall, hotels, apartments and premium residences when it is completed.

“We see continued growth in Indonesia’s property sector in line with Indonesia’s economy,” said Bank Mandiri’s president director, Zulkifli Zaini.

The loan agreement was signed on Thursday at Bank Mandiri’s main office, in Plaza Mandiri in South Jakarta.

“We hope to work with more of Ciputra Group’s businesses in the future,” Zulkifli said.

From January to September, Bank Mandiri disbursed Rp 35.97 trillion worth of loans in the property and construction sectors. That marked an increase from Rp 29.78 trillion in the same period a year ago.

The president director of Ciputra Adigraha, Chandra Ciputra, said he expected to see “more collaboration” in the future between Ciputra Group and Bank Mandiri.

He said Ciputra group had 10 projects in the pipeline in and outside Jakarta, putting its total outstanding projects at 53.

Ciputra Property, which has been listed since November 2007, focuses on commercial property in Indonesia’s major cities.

Ciputra World Jakarta 1 is being built on Jalan Prof. Dr. Satrio in Kuningan. The company is constructing Ciputra World Jakarta 2, a second superblock, on the same street.