On Flickr, this was posted:
At least one similar building survives, although it doesn't appear to be the one in the photo:goo.gl/maps/NUe1E3kTHJnr7Ea96 .
I believe that the building that's still there today (former Bethel High School) is visible on the right behind the house shown. hkmaps.hk shows two similar houses on the 1935 map. So I think we see the house that stood on 39-43 Grampian Road.