The first batch of apartments in the Adamstown scheme, which is being developed by Joe O'Reilly of Castlethorn Construction, the company behind the Dundrum town centre, quickly sold out, with 500 units being snapped up in one weekend.

Castlethorn paid 30m for the site in 1997 and it is the first project in the government's Strategic Development Zone (SDZ) initiative which was designed to fasttrack planning for starter units and will eventually provide 10,000 homes housing over 25,000 people.

The unprecedented demand for Adamstown will no doubt increase the value of two neighbouring development sites that were put on the market this week.

A price of 20m is expected for a 2.35 hectare (5.8 acre) site at Finnstown opposite the entrance to Adamstown and the Finnstown Country House Hotel, working out at just over 3.4m per acre.

The property, which is known as Coolamber, comprises a 296sq m house, dating from 1948, together with a gate lodge of 45sq m. The lands have an extensive rear boundary of 160m and road frontage of over 196m.

"The popularity of Adamstown and the new Arrow service train station will have a positive impact on the price, " says Maeve Furlong of selling agent Lisney.

"Already there has been a lot of interest in it and we expect a significant number of tender offers before the closing date on 11 April."

The lands are zoned "to protect and/or improve residential amenity" under the South Dublin County Council Development Plan 2004-2010, which means they would be suitable for residential development.

Coolamber has not been the subject of any previous planning application for residential development.

The Grange on the Newcastle Road is the other large tract of development land to come on the market in Lucan this week although it is does not have the benefit of a residential zoning.

The 23.5 hectare (58 acres) site is currently zoned for enterprise, employment and agricultural uses but given its proximity to the Adamstown scheme and the new railway station, the lands could be rezoned for residential purposes in the near future.

Joint agents JP&M Doyle and Pottertons have not placed an advised minimum value on the site but it is believed a price of over 100m could be achieved when the lands are sold by tender next Wednesday.