CapitaLand, Southeast Asia’s largest developer, and China’s Longfor Properties may raise a combined $3bn in share sales that will test demand for Asian property stocks.

CapitaLand wants up to $1.98bn from the listing of its CapitaMalls Asia Ltd. unit in what could be Singapore’s largest initial public offering since 1993. Chongqing-based Longfor, the biggest developer in China’s most populous municipality, may get as much as $916m in a Hong Kong sale.

The amount sought would almost double the $3.2bn raised by 10 real estate-related IPOs in Asia-Pacific so far this year. The two companies will be competing for investor funds against five Chinese developers that started marketing Hong Kong offerings last month.