Taking the tram to the top of Victoria Peak (太平山) for the first time can make you a bit giddy, first with the kind of buzz little kids get from amusement park rides, then with the pleasure of realizing that, in Hong Kong, everyday public transportation is fun (don't forget the double-decker street trams and Star Ferry). And once you reach the peak, you're in for another treat: one of the world's best views, with Hong Kong's skyscrapers, bustling Victoria Harbour and Kowloon spread out before you.

The tram drops you off at the foot of the Peak Tower. An oddly unnecessary addition to such a stunning spot, the eight-story wok-shaped mall-in-the-sky looks a bit like a clunky party hat perched atop the head of an otherwise grand dame. Along with the neighboring Peak Galleria, the tower houses a slew of expensive shops, pricey eateries and a Madame Tussaud's wax museum. Of far less questionable aesthetics is the historic Peak Lookout, a breezy colonial-era building that is home to a restaurant with a terrace perfect for a cup of coffee, a cold beer or a satisfying meal (seafood is especially recommended). If you get your timing right, then head up around dusk, watch the light fade and grab a table on the balcony of Café Deco and settle in for the 8pm "Symphony of Lights" spectacular!

Exploring further afield, you'll find four roads leading away from the tram terminal. Mount Austin Road leads to the actual top of the Peak (the tower sits below the real summit) and to the Victoria Peak Garden, formerly the governor's residence. Harlech and Lugard Roads circle the Peak and make for pleasant, shady strolls and more great outlooks. Old Peak Road runs down toward the city, connecting to the May Road tram station. If you're up for it, returning to the city on foot takes you through some beautiful parts of Hong Kong's priciest residential real estate (that is, some of the priciest land in the world).

The way up is just as nice, though you'll find it strenuous if you're not in good shape. Old Peak Road is one way down; Hatton and Conduit Roads lead down to the Mid-Levels, where you can continue by foot or catch a bus or taxi. Another good walk takes you to Pokfulam Reservoir and its namesake road, from which you can descend by bus to either Aberdeen or Central.

Victoria Peak's history is revealing. Until the Peak Tram—technically a funicular railroad—was completed in 1888, the area was difficult to access. This didn't stop wealthy colonial residents from making it to the top in style, transported in sedan chairs by local laborers. The Peak was popular among the British for its cool air and distance from the relative squalor of the harbor city below. In the worst of the colonial years (or best, if you're a racist, retrograde, colonial aristocrat), the area was de facto off-limits to Chinese.

Today, Chinese tycoons are buying up much of the hottest properties in the region and the general public is welcome—though it certainly doesn't hurt to have a few extra HK dollars to have a peak Peak experience. 

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