It turns out that this building - which looks like a low rise car park on film - is still around and is called Chenyu Court. It was pretty much brand new when this film was made (built in 1965) and has had surprisingly little done to it since then. The problem I had was that Google's excellent and very useful Streetview is currently having a problem with this location in that whenever you try to go there it throws you back onto MacDonnell Road. I've reported it but decided to head over this morning and take some of my own pictures for a change. The results are below. In the film we are still supposedly in Italy, and some Italian signs were put up to try and convince us as such.
The curved wall below is also still there and part of the boundary wall of the lower building of St Paul's Co-Educational College that fronts this part of Kennedy Road. I couldn't quite recreate the same angle without risking being run over.
I also wandered past Chenyu Court and confirmed that the parking lot seen in the film is this one as well. Sadly the grill was down so my view was a bit restricted, but I think you can see that it hasn't changed at all in the last 50 years.