I am afraid that this development has much more financial reason than any development on Po Toi. The Tung O has some relatively large flat pieces of ground which used to be rice fields (easy for development) and is close to Aberdeen.
But I think from a conservation perspective, any development would be detrimental to Romer's Tree Frog. Although I haven't looked for them there, I imagine this must be their prime habitat in the surrounding woodlands so there definitely is much reason to be concerned.