If you want to have an elevated view of Hong Kong you have to go to The Peak, if you want to go to the Peak you have to take the Peak Tram. The Peak Tram brings you a
little spellbinding view of the city when it is ascending on the remarkably steep track.
The Peak Tram starts from 7am-midnight (departs every 10 to 15 minutes) and is always crowded on weekends, public holidays and at night, and sometimes there could be tour groups hence long queue and waiting time.
The cost of ride is Adult-HK$40(return)/HK$28(single), and HK$18(return)/HK$11(single). You don’t need to buy return ticket since going up is the only fun part. Octopus is also accepted but The Peak Tram ticket also gives you benefits at designated shops, restaurants and entertainment venues at The Peak Tower, you can find the details here.
If you intended to go to Sky Terrace 428 you may purchase the Peak Tram Sky Pass which combines Peak Tram Ticket + Sky Terrace 428 ticket @ Adult-HK$83 (return)/HK$71 (single), Child-HK$40(return)/HK$33(single). The discount is minimal but would save you some time in buying tickets separately.
There are places selling discounted ticket but requires purchase in advance but it is recommended to purchase onsite. The reason is because you have to fix a date for advance purchase and it would be a waste if the weather isn’t well or the queue is too long that you don’t want to wait.
If you are concerned about cost, there are other cheaper options including bus, minibus, and taxi (yes…if you have 2 adults taking a taxi from central is cheaper than the Peak Tram)
Find out more information about the Peak here