Chefluke,
I live on Park Island - its a wonderfull place,- small island, well ventilated, so air quality is more or less ok and def better then central.
Apartments are quite cheap comparing to central and DB as well... sai kung is too far honestly...you have to use the bus and drive long.
To get to central - it takes you 25 minutes by ferry, timetable is good. They stop after midnight but busses go instead for the same price (17.6hkd - DB for instance is 47 or smth like that one way!) and busses go every hour during the night. Besides you can take taxi directly to the island (for DB, Lamma - its impossible) - more expensive then public (230hkd), but still. bus is 25min ride, taxi - 20min.
there is direct bus to the airport from/to the island - every half an hour from 5.30am to 1.30am. island connected by 3 bridges to the 'rest of hk' - there are busses to other areas and one more ferry to chinese district with wonderfull and cheap local markets. even though we have good supermarket on the island.
there are no cars on the island besided one small road for busses.
when you arrive on ferry - you dont need to go uphill (like Lamma) or take another bus to get to your house (like on DB - the further you leave from the pier the cheaper appr is). everything is reachable, very quite , peacefull and simply pretty.
We have 3 club houses that you can be member of as soon as you get rent - 4 swimming pools (2 indoor, 2 outdoor and you dont need to pay yearly fee - just every time you go you pay 12hkd, kids cheaper, same for gym), 2 gyms, bowlling, 5 tennis courts (easy to book), lots of areas for bbq, childrens playrooms - generally there are lots of kids on the island (locals and expats) - its a very family friendly place with decent living conditions, not expensive and easy reachable.
all people i know on park island - they are all happy there! and once you got there you dont want to move anywhere else (unless you are single and want to party a lot - then you might have some complaints;) ).
here is a brief web -
Read More - not much there, but you can get the idea.
With 42K salary - possible to live in HK.
Lest say 2bd appr is around 9k, maybe 10K - you can find furnished as well (tho mostly they rent unfurnished).
electricity/gas/water - around 1000hkd per 3 month.
ferry trips to central - 17.6hkd/one way
your tax per year will be about 44K (if you make an agreement with the co to pay rent directly to your landlord like a house allowance - will be a bit cheaper).
food - about 6000hkd per month
polution - well... its not perfect, but i cannot say its so bad that living here is a disaster. not really. i like HK and i think it is a brilliant place to live and especialy if you want to try new experience for few years - its very good! depends on what you want))) and for the kid its a good experience as well.
Good luck and if there is any more help needed - pls dont hesitate to contact me!
PS: im not a real estate agent on Park Islamd or so :) i just love the place i live and think its one of the best in HK!