Never heard of it before, but it's at the Central end of Sheung Wan so it's walkable to, for example, IFC/Exchange Square (even, just about, in the current 32 degree 80% humidity).

You're never very far from supermarkets in HK - there is the very upscale CitySuper inside IFC Mall, and more everyday Wellcome and ParknShop within a few minutes walk.

Not sure about the gym - there are plenty around if it isn't inhouse.

It does look horribly expensive though!

By the way, for this sort of question asking on one of the local expat boards such as http://www.geoexpat.com might be a better bet.