the one hotel i strongly recommend is Langham Place hotel. Almost brand new (opened may'06 i think) 4 star. It is linked to Langham place, a 8? storey shopping mall with cinemas, restaurants and shops, a bit like Heeren but with Cinemas! It is also abt 2-3mins walk to Mongkok MTR, abt 5-10mins walk to Night market (ladies market). Price-wise, it's abt 200SGD or more now i think.
Oh ya, esp good for young couples.. 32inch LCD tv mounted on wall with DVD player.. See-thru glass bathroom....