Low density (approximately 10(7) cm(-2)), small sized InGaAs quantum dots were grown on a GaAs substrate by metal-organic vapor-phase epitaxy and a special annealing technique. The structural quantum dot properties and the influence of the annealing technique was investigated by atomic force microscope measurements. High-resolution micro-photoluminescence spectra reveal narrow photoluminescence lines, with linewidths down to 11 microeV and fine structure splittings of 25 microeV. High signal to noise ratios (approximately 140) and a nearly background free autocorrelation measurement indicate an excellent optical quality and single photon emission behavior. Furthermore, time resolved measurements reveal excitonic decay times typically in the range between 800 and 2300 ps and biexcitonic decay times around 300 ps.