We live in the Waterfront, and for your budget you could probably get a 1350+ sq ft place with a clean view of the water on a mid to high floor (facing the W hotel and Cullinan, which are attractive glass buildings). In contrast, you can also get a view of Central and the harbour through the gaps in the Arch and Harbourside in an 1200 sq ft place for about 35K. We used to live in the later, and now moved to the former, which I prefer because it has better light, even though I can't see the fireworks anymore.
The facilities at the Waterfront are great - we probably have the biggest kid's playroom in the area and are refurbishing it with new playmats and equipment, and the pool is great, although it can get crowded. Waterfront was constructed early 2000s. I think with your budget you might want to go for something even newer, and a lot of people like the Harbourside and the Arch which were finished in the last few years. The Arch has pretty stunning facilities and common areas, although their kids playarea is a bit more suited to 1 year+, with an activity center and computers (I think...I was invited by a friend once but I might be mixed it up with the Sorrento). The Sorrento I think is on par, although because it caters less to high-end due to not having the view of Central (but does have nice waterviews on certain floors/angles), the average size of units is smaller, so there are a lot more people living there and sharing the common areas.
PIPs Kowloon, which is the pre-school and kindergarten, has baby groups like Kindermusik from basically birth onwards, with their more formal playgroup starting at age 1. I read mixed things about it, but given we live here, it's a wonderful option. Plus I checked it out and I think their curriculum sounds just right for our daughter. On top of PIPs is a great playground for toddlers - slides, climbing stations, teeter totters, etc, all on soft outdoor mats.
Anyway, I read the other suggestions and I agree it's totally a personal fit. Some people have told me they do not like the 'planned' nature of Kowloon Station, whereas that is exactly what we like. It's a controlled environment and super convenient, with a lot of nice families around. Others who enjoy nightlife in mid-levels complain it is not practical to go out at night there and come home to Kowloon, which is not entirely true but would make your taxi costs higher. I'm not a mom who kept up with the nightlife before or after having the baby, so that's not a personal concern for me!
