The cluster of buildings on this side of Chatham Road South are still around and host a variety of office and commercial premises. The one most prominent (centre right) is Energy Plaza and fans of 80's HK movies will realise this is the building that Michael Wong was dangling from in Royal Warriors. The upper floors also used to house a gym and training facility patronised by many stars of yesteryear and run by a fellow called Eddie Maher. I'm not sure when it closed down - possibly sometime in the early to mid-90's?
EDIT: Thanks to AP, I can report that Eddie Maher is still going strong but in Mongkok. Here is the link to his website: http://www.kd-fitness.com/eddie/
On the right hand side is the bare piece of land that now holds the aforementioned museums. Strictly speaking that particular patch of land now houses the small park that leads up to the museums. I know the History museum moved here in 1998, and considering this aerial view was most likely taken in 1989 or thereabouts I'm not sure why it took so long for the site to be completed. Actually, on second thoughts that sounds exactly like HK.