SIC chief executive officer Datuk Razlan Razali said the proposed plan was being updated before submission to the Finance Ministry.
He said the plan was not just about organising motorsports activities post-Formula One (F1) for inclusion in the national motorsports calendar from next year but developing the circuit in the long run.
"SIC has a comprehensive plan to transform the circuit into a multi-purpose facility, that is, as an education and entertainment hub in the next five years.
"Other than thinking about the types of international competitions to fill the activity slots at Sepang Circuit, we are also thinking about ways to sustain it," he told a media conference here.
Citing the Suzuka Circuit in Japan, he said a hotel and theme park would potentially be built on the Sepang circuit grounds.
Meanwhile, Razlan said SIC might bring back international motorsports events such as Japan Super GT, Australian V8 and FIM World Endurance Championship.
"We have not finalised anything yet. We want to gauge public response to the proposal," he said.
After 19 years since 1999, the Malaysian Grand Prix drew its curtain after its last race on Sunday.
In an interview with Bernama recently, Razlan said SIC had no problem filling up the calendar of activities for Sepang Circuit without F1.
Over the last five years, he said, the activity rate at Sepang Circuit was more than 90 per cent, which showed that it had the capacity to be used not only for motorsports but other activities as well.
On whether the F1 race would return to Malaysia, he said it could but depended on various factors. The factors included whether the race was still relevant to be held in Malaysia and its capacity to draw the crowd by then.
