When the original Kyalami circuit closed at the end of the 1988 season, the surrounding land had become the subject of commercial development that would reshape the venue entirely. The rebuild eliminated the long downhill main straight, Crowthorne Corner, Barbecue Bend, Leeukop Bend, and The Kink — the features most associated with the circuit's reputation for speed. In their place, a new pit lane and start-finish straight were constructed at a different orientation, and Jukskei Sweep was heavily modified to serve as the entry to the new pits. The southern section of the old circuit, including Sunset Bend, Clubhouse Bend, and the Esses, was incorporated into the new layout in modified form, giving the revised track its only direct connection to its predecessor.
Formula One returned to Kyalami in 1992 and 1993 for two editions of the South African Grand Prix on the new layout. The reception was mixed; critics found the circuit narrower and more confined than the original, lacking the open, high-speed character that had defined it. Financial difficulties at the promoter's organisation ended the Formula One chapter after just two races, with a bankruptcy preventing any further grands prix.
The circuit changed ownership and underwent further modifications in the years following its Formula One departure. A chicane was added at one stage to alter the flow of certain sections, though it was later removed ahead of the 2009 World Superbike round. A new pit lane and updated start-finish straight were added as part of continuing improvements to the facility.
In 2008, Kyalami marked the 50th anniversary of the revival of the Kyalami 9 Hours endurance race, drawing former drivers including David Piper for commemorative events. The circuit was placed on the auction market in 2014 and sold on 24 July of that year for R205 million to Toby Venter, the owner of Porsche South Africa. Venter's ownership brought an investment of R100 million in upgrades to the facility, which subsequently achieved FIA Grade 2 certification.
International motorsport returned to the revised layout in November 2019 when the circuit hosted the Kyalami 9 Hours as the season finale of the 2019 Intercontinental GT Challenge, drawing major manufacturer teams and a strong field. The circuit hosted Superbike World Championship rounds from 1998 to 2002, and again in 2009 and 2010. It also hosted a round of the 2008–09 A1 Grand Prix season and served as the Superstars Series season finale in 2009 and 2010.
In 2022, Formula One president Stefano Domenicali visited South Africa to meet with circuit representatives about the possibility of returning the South African Grand Prix to the calendar, though Kyalami was not included in the 2023 provisional schedule.
The circuit's primary annual fixtures include the South African Endurance Series Kyalami 4 Hours in July and the Kyalami 9 Hours in November. These endurance events have anchored the circuit's international calendar in the post-Formula One era, maintaining Kyalami's profile as South Africa's leading closed-circuit motorsport venue.
The revised layout is often described as a technical rather than a high-speed circuit. Its narrow ribbon of tarmac places a premium on precision, and the revised Jukskei section leading onto the new pit straight demands careful braking and positioning. Sunset Bend and Clubhouse Bend, retained from the original circuit in modified form, remain identifiable landmarks for those familiar with the track's history. The loss of the long original straight and its dramatic downhill run into Crowthorne Corner fundamentally changed the challenges drivers face at Kyalami compared with the pre-1989 era.