Sony Corporation is all geared to roll out its upgraded version of PlayStation 3 by the end of this year. The announcement came on Tuesday at the annual Tokyo Game Show.

The redesigned PlayStations will be rolled out into the international market on September 25 and will follow the domestic market in October.

The new device will be available in two models which include a device with extended built in Hard Disk Drive (HDD) capacity of 500GigaByte model and 250GigaByte model. The first global roll out will be the 250 Gigabyte model in North America for $269.The other versions sales will start from October 30, said PlayStation Blog.

The original version of the PlayStation 3 was unveiled in 2006 and it is said that the redesigned model will be 20 percent smaller and 25 percent lighter than the current version. It will be of the same size of a laptop.

"Even after six years, the PlayStation 3 has not lost momentum and continues to deliver powerful home entertainment,'' said Hiroshi Kawano, who heads Sony's game business in Japan at the event, told Reuters.

The Japanese electronics company is engulfing is a slow business and has put down the prices of the PlayStations from 16,800 yen ($213) to 13,800 yen ($175) in Japan. Reuters also reported that the company is facing the biggest competition from Apple Inc.'s iPhone models.

In order to offer a better platform to its users, the company is also planning to introduce cloud computing on its entertainment platforms.The new PlayStation sports a 12GB flash memory and will be available in two color variant. It is expected to arrive India in October.