A lot depends on your definitions of "affordable" and "walking distance."
Definitely true that village houses are cheaper to rent, but if you want "walking distance" to preschools or kindergartens, your children and whoever will be accompanying them will need to be much sturdier than the precious little flowers the first world seems to breed these days (not to mention ready for early starts - how long does it take a 3 year old to walk a mile?).
The big developments you mentioned will certainly be cheaper per square foot than they would be on HK island or West Kowloon, and you have a lot better chance of being close to a kindy, or at least on one of their bus routes.
The other point is are you willing for your children to attend a CMI kindy, or does it have to be English?