The title is taken from the photo om Flickr. I'm not sure how long a market stood there - today it's the site of a small, grassy park.
It's not clear where the seafront to our right stood either in this photo. When the tramline was built, it ran along the seafront [Update - that's not true, see comments below]. Later another block was reclaimed to the North (a very modest reclamation by HK standards!) to make the 'Kennedy Town New Praya' the new and still current sea-front.
Kennedy Town New Praya exists on a 1958 map, but was it there in the 1930s?