Savills has sold three small residential sites in Dublin for more than €3.5 million and reports that each made significantly in excess of its asking price.

The highest price was achieved for the former Grove Hotel site on Grove Road in Malahide. The 0.48 acres, zoned for residential development, made €1.79 million – over €800,000 more than its guide price of €950,000.

The site comprises the remains of the former Grove Hotel which was extensively damaged by fire in February 2011. It is about 400m from the centre of Malahide village. The site is ideal for a high-end residential development.

Greenwich Court in Rathmines, comprising of three predominately completed houses, was sold to a builder for €1.025 million – or €275,000 in excess of the asking price.

A site of 0.23 acres on Park na Silla Avenue in Loughlinstown sold for €730,000 – €330,000 over the asking price. It had the benefit of a recent grant of planning permission for four four-bed semis.

John Swarbrigg of Savills, who handled the sales, said: "With a significant shortage of new homes coming to the market, builders and developers are beginning to seek good quality housing sites in the right locations."