The Peninsula in Tsim Sha Tsui is famous - and very expensive. However you can visit for much less. You can try high tea in the lobby, but the real pearl is the bar on the top floor of the hotel (there's also a restaurant there).
It has the most amazing view of HK Island. Stupid prices, but just have a small beer and drink in the view. Or, even better, check out the view from the gents.
Tsim Sha Tsui - from HK Island, the Star Ferry is terrific value and also has a stunning view.
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