Hi,
I am a Singaporean who moved here to work last November. If you are studying at HKU, Pokfulam and Midlevels will be very near.However, the real estate in that area will be more expensive (like River Valley in SG), unless you are willing to share an older apartment with someone. This area will be quite pricey for a student. But if you can find a room within your budget there, it would really be a gem and maybe you should consider taking it up.
The quality of the apartments in Hong Kong aren't as good as the ones in Singapore, especially the old ones. Staying at Kowloon/NT can be quite far, and you need to make extra effort to wake up early, as the tunnels are always jammed in the morning and the MTR always packed. Not a good idea if you are someone who needs a lot of sleep, or needs more time to study. But if you are someone disciplined, probably worth the while, as you are likely to save more $$$ but you will spend more money (about $500 HKD more) on transport. I think you should be able to share a flat with someone outside HK island within your budget.
There are also areas in Hong Kong Island within your budget I think (mainly old buildings). You can try South Horizons (Ap Lei Chau), Wanchai, Causeway Bay or Northpoint. Wanchai and CWB can be very crowded and local Hong Kong, and the air can be pretty polluted, but pretty near to the Uni. South Horizon (like Marine Parade) and Kennedy Town are pretty chilled out but not as convenient.
In terms of cost of living, Hong Kong is relatively more expensive (15% more) than Singapore (due to the rent). In terms of other things, it is roughly the same. But the best bet is to go for the dorms in the university (if available), as it is likely to save you some money on books and other miscellaneous items. The temptation to spend is Hong Kong is also higher.
Relocation involves a lot of work, as I experienced it last year. Do drop me a note at [email protected] if you need any more information or leads. Good luck.
Best,
SY