Yes, there is a PAL version released in Europe (and Australia and I'm sure others). For example, you can order it from Game.co.uk. In fact it's the NTSC version (North America) that was heavily delayed, PAL has been around for a long time.
I'm a PC gamer, so I can't comment about region locking, but if Larian_QA said to buy the Eurpoean version on the other thread (for a player in Singapore), then I'd assume it isn't region-locked. It might be worth emailing support@larian.com to check, just-in-case some versions are locked and other's aren't.
It's a great game, you'll enjoy it when you get it. It's seemed a shame that Larian has had so much trouble getting distributors in so many countries, but hopefully they'll get more recognition with future releases
