It depends on your priorities and usage for the air-cond in the living room. It is not so much about the cost of the air-cond unit but the electricity bills that you will be paying monthly when the air-cond is in use. Air-cond is one of the electrical appliances that contribute to high bills if used at prolonged periods.

For the living room, if your intention is to use it for long periods but want to save electricity, you may consider 1.5hp if the area that you want to keep cool is the living area near the balcony where the sofa and TV is. The cold air will just blow directly to that area keeping it cool. The area further to the back near the pantry will not be as cold but it will be cooler than normal room temperature. Combined with the ceiling fans you should be fine. Unless you want to keep the whole unit cold then a 2hp or higher will be more suitable. Even if you can afford the more expensive 2hp or 2.5hp air-cond unit, bear in mind that this is just a short-term expenditure. The long-term is more important as you will be paying the bills. 1.5hp is still not too bad but 2hp and above takes a toll on the electricity bills especially when you use it frequently.

For the bedrooms including the master bedroom, 1hp is sufficient judging from the size of it. You can use the ceiling fan to keep the cool air circulating and the combined air-cond+ceiling fan usually works well if the air is not circulating fast enough due to the limited fan speed of the air-cond. The ceiling fan with its larger and longer blades will help move the air quicker so you can feel the cold air blowing everywhere in the room.