It's just a low budget remake from not good devs, it makes pretty huge changes from the original so it's not a remaster.
It's a little sad (though predictable) how terrible all of Konami's Silent Hill output has been since they brought the franchise back.
Silent Hill: Brilliant Fog.
Silent Hill: Shining Pyramidhead.
That said, I am not sure where the IP is in general and what sort of investment it needs. It could be one of those "tests" as a remaster.