The flagging property market was given a shot in the arm yesterday when buyers snapped up 90 per cent of a luxury development in Tai Po. Despite the rush for the Paramount, analysts said it was too early to conclude the market had bottomed out. However, prospective buyers, including the Director of Education, Helen Yu Lai Ching-ping, insisted they believed it was a good time to purchase. 'I want to own my own flat,' Ms Yu said. 'I am a firm believer that everyone should have a home of their own. I am optimistic about Hong Kong's future under Tung's leadership. That's why I am buying now.' The Paramount flats range from 1,047 to 1,278 square feet and sell at an average of $3,740 per square foot. Cheung Kong, one of the developers, said it had cost $4,000 per square foot to build. Centaline Property Agency sales supervisor Louisa Li Suk-lin said the low-price strategy and the project's quality had helped drum up interest. 'The response is encouraging amid the current market sentiment.' But Midland Realty's Tai Po sales supervisor, Leon Chui Wing-shing, said the response was less than many had expected. 'There are a good variety of new flats in Tai Po and northern New Territories to choose from, so that dampens interest in the Paramount a bit.' Lawmaker and Democratic Party housing policy spokesman Lee Wing-tat believed Tung Chee-hwa would not introduce any changes in his Policy Address next week that would significantly affect property prices. 'The only really drastic proposal is by the developers to extend the Government land sale freeze, but it looks highly unlikely that Tung will go for that,' Mr Lee said. The nine-month freeze ending in April next year was introduced to boost falling property prices.