This photo is generally attributed to Public Records Office on the Web (HK Memory dated it 1932), but actual reference is not known. It shows the residential area built near the bund.
At the middle, leftmost building may be the first generation Munsang College, the open space next to it seemed not a well-formed playground though.
The first generation Munsang College started at 2 Kai Tak Road in 1926. It later expanded to rent 45 & 47 Kai Yan Road to accommodate more students c.1928.
A crane is seen at lower left corner of the photo, near the sea wall.
Interested readers may study a higher resolution photo of the Kai Tak Bund taken from opposite side (c.1938, looking east), source re an American author and veteran (link)
About mid way along Kai Tak Road ('above' junction with Yat Tack Road) is the first generation Munsang College, with its playground.
The new Kowloon City Pier is seen also.
Today, majority of this triangular piece of land once next to Kai Tak Airport is where the Olympic Avenue Light Public Housing resides. The Airside mall is
approximately where the old Kai Yee Road was, northeastern portion of this land. (3D map, link)