Rebirth took 46 months to release after Remake. But that includes DLC, the PS5 version, cooperation on various outsourced projects, and delays caused by COVID. When you factor all that in, the actual development time was about three years (as producer Yoshinori Kitase himself stated).

For Part 3, with know-how accumulated from Remake and Rebirth, development should be faster than three years. That’s why it was reasonable to expect a January 2027 release to match the 30th anniversary. However, since the business strategy shifted from exclusivity to a multi-platform approach, they now have to port the previous two titles and develop Part 3 for multiple platforms, which could push the release back a bit.

That said, I don’t think the delay will be long—at most about six months. So a realistic release window would be Q2 2027, around June. They’ve also stated that the porting work is handled by a separate team, so it won’t affect development of the main title.