I stay near Metrotown and so far smell hasn't been a problem, in fact there are very few occassions where there was a stench in the air and I couldn't tell if it's from the landfill across the bay or the digging in front of TKO station. Might be different around LOHAS park, dunno.
There are some plus points to stay here:
- Reasonable rent, in particular compared to HK island
- Yet good public transport, especially if you stay around Tiu Keng Leng station (2 MTR lines, one to Kowloon side, one to HK island; bus depot); it takes around 30min to Central or Mongkok
- Less crowded than HK island, with dedicated bicycle lanes and (mostly) obstruction-free sidewalks
- Lot's of newish estates to choose from, and you might even find an apartment with an open, nice view
- Convenient for your daily shopping needs with more than enough supermarkets around (incl. Taste in Hang Hau)