What is the cheapest way of transportation if we are going to stay in tsim sha tsui area

First of all, is the peak you mean is the Victoria Peak in HK island nearby Central?! Ngong Ping is in Lantau island, far from the city center. You can take mtr ride to Ngong Ping and the Victoria Peak from Tsim Sha Tsui, but they are in opposite direction. Take mtr to Lai King direst and then change to Tung Chung Line to Tung Chung Station. Nging Ping cableway is not far from the mre station of Tung Chung. Or you can take bus out of mtr station to Nging Ping. The Peak is 2 or 3 stops away from Tsim Sha Tsui. Get off the mtr at Central and walk 15 minutes to the tram station to the peak. Tram is not available in Tsim Sha Tsui, Kowllon. You can get it in HK ISland, such Causeway Bay, King's Road, Hennessy Road, Johnston Road, Admiralty and Sheung Wan area.