New Translation is said to be around 90 percent complete and will see a July 24th release over in Japan.
Siren was a horror survival game on the PlayStation 2 and it seems this will be telling the story from a different angle with a new character.
The game will contain 12 episodes and apparently the main character will be a foreigner, presumably living out a rather hellish time. A demo of Siren: New Translation is expected on the PlayStation Store for April 24th.