I think it is sufficient. A lot of people work here for a lot less - they live with their parents/roommates/friends, have no privacy, no social life and no savings for the future, living the rat race lifestyle all the time, doing nowhere.
The main thing is that your compatriots, most of your coworkers, all your FOs and CNs, and other expats make 2-3-4 times what you will make (including expat housing money) and have a flat, lifestyle and freedom you will never afford. If that still doesn't bother you, it will eventually. A lot.
If it's still a good/the best option for you, specially with no wife/kids/cars/toys to worry about, and you don't mind paying someone else's mortgage in Tung Chung (which is fine but very isolated from the CBD and does not offer a HK lifestyle), go for it. Good luck.