So, lets ignore the fact that when Lionel Lo sees the bomb the timer reads '2:30', when he removes it the timer reads '1:30' and when he turns to Philip Kwok, he says "You've got 30 seconds!"
Any how, we're ignoring that and focussing on the fact that time is ticking away and they can't dump it out of the window on to the junction of Pedder Street and Queens Road Central. So, they run... through The Landmark and along Des Voeux Road Central, before cutting down Man Wa Lane where Philip has to take down a couple of cops at the junction with Connaught Road Central, in front of the Sun Tak Centre. Slightly obscured by the elevated version of Connaught Road, which didn't exist back in 1988. Oh, and let's ignore the fact that this is over 800 meters away from their starting location...
And, if we're ignoring those minor details, we won't mind that the location of the building site where they finally dump the bomb is probably about another 500 meters away. Philip Kwok did really well to spot this site from back in Central...