TWO adjoining house sites at Church Road, Killiney, Co Dublin, originally assembled for a high density residential development, are to be sold separately following the slowdown in the new homes market.

Mark Reynolds of Savills is quoting €545,000 for each of the sites which have individual houses in a poor state of repair. Purchasers will have the option of refurbishing the houses or developing large prestigious homes. One site extends to 0.89 of an acre while the second has 0.67 of an acre.

The sale has been called on the instructions of Keiran Wallace of KPMG who was appointed receiver of the land 18 months ago.

Reynolds said the sale underlined how much land values had fallen even in a prime area of south Dublin. Development sites in the Killiney area were selling for between €6 and €10 million an acre at the height of the property market in 2006.