We have studied the influence of overgrowth procedure and a few monolayer-thick AlAs overlayer on the properties of self-assembled InAs quantum dots (QDs) using scanning electron microscopy (SEM) and photoluminescence (PL). PL spectroscopy was used to optimize optical properties of the QDs by shape engineering (QD truncation) through adjustment of the thickness of overlayers and temperature of the subsequent heating. QDs with 6 nm - thick overlayer with subsequent heating up to 560°C was found to have the highest PL intensity at room temperature and the lowest FWHM, 29 meV. Ground state energy of the truncated QDs is very stable against variations of growth parameters. 1.23 μm edge-emitting laser of triple-layer QD structure demonstrated room temperature threshold current density, 74 A/cm2.