SINGAPORE: Fitness chains True Fitness and True Yoga in Singapore are set to close down, with their Hong Kong parent company declaring that it is winding up the businesses owing to market competition and cost pressures.
In a market announcement on Sept 10, parent company Kontafarma China Holdings said the directors of True Yoga and True Fitness passed resolutions saying they could not continue their businesses because of their liabilities.
Following the announcement, Singapore’s consumer rights watchdog said True Fitness and True Yoga members have reported losses of more than $63,000.
In a Facebook post on the afternoon of Sept 11, Consumers Association of Singapore (CASE) president Melvin Yong said the agency had received 28 complaints about the closure, with the reported losses resulting from unused memberships, packages and services.
“CASE has reached out to the provisional liquidator and will continue to seek clarification on the arrangements for affected consumers, including information required for consumers to lodge their claims,” he said.
The True Fitness and True Yoga businesses come under the True Singapore Group, which also operates fitness and yoga centres TFX and Yoga Edition here. All outlets under these brands are set to close as part of the winding-up process, said Kontafarma.
The group has been under mounting financial strain, recording substantial losses and net liabilities, even as it continued to generate notable revenue.
In 2025, it recorded revenue of HK$181.2 million (S$29.3 million) and a loss of HK$34.3 million. As at Dec 31 of that year, the True Singapore Group had total assets of HK$149.7 million, total liabilities of HK$555.5 million and net liabilities of HK$405.8 million.
The group’s unaudited management accounts show that it recorded revenue of HK$118.4 million for the eight months ended Aug 31, 2026, and a loss of HK$19.1 million during the same period. As at Aug 31, the group had total assets of HK$204.5 million, total liabilities of HK$633.8 million and net liabilities of HK$429.3 million.
As at end-August, it owed its parent Kontafarma group HK$309.7 million.
Insolvency practitioners Goh Wee Teck and Lin Yueh Hung from RSM SG Corporate Advisory have been appointed as provisional liquidators. Extraordinary general meetings of both True Fitness and True Yoga will be held on Oct 7, where creditors’ voluntary winding-up will be proposed, followed by meetings with creditors.
True Fitness’ website shows that it has three outlets in Singapore – at Djitsun Mall in Ang Mo Kio, NTUC Income@Tampines Junction and Velocity in Novena – which also houses a Yoga Edition outlet. The fitness chain’s fourth outlet in Great World was not listed on its website.
TFX and Yoga Edition have joint outlets at CIMB Plaza in Raffles Place and Millenia Walk. TFX’s third outlet is in Funan.
Combined, the brands operate seven outlets in Singapore.
Intensified industry competition
In the announcement, Kontafarma said the fitness businesses faced multiple challenges, including increasingly fierce market competition and rising costs.
“The challenges faced by the True Singapore Group are unprecedented,” said Kontafarma.
The rising popularity of boutique gyms, fitness apps and online coaching had intensified competition, and more residential developments were providing gyms, reducing consumers’ need for external gym memberships, it said.
“While the best endeavours have been made to control costs and optimise operational efficiency of the fitness business in Singapore, the fitness business has found it extremely difficult to continue amid the fiercely challenging market,” it added.
As at Sept 11, the Accounting and Corporate Regulatory Authority (ACRA) BizFile records showed that the status of both True Fitness and True Yoga as “in liquidation – creditors voluntary winding-up”.
The winding-up of the True Singapore Group follows news of the franchise fitness business pulling out of the Taiwanese market in October 2025.
Taiwan was the only region it operated in outside Singapore at the time.
Locked doors, liquidation notices
When The Straits Times visited the True Fitness outlet at Velocity at about 10am on Sept 11, the outlet was cordoned off with hoarding, with a repossession notice pasted across the entrance.
The True Fitness outlets at Djitsun Mall and NTUC Income@Tampines Junction and the TFX outlet at Millenia Walk were also shuttered as of Sept 11, with notices announcing the brand’s liquidation posted at the entrances.
Speaking to ST outside the Velocity outlet, True Fitness member Jeanette Chen said she had just started paying $79 a month in membership fees on Sept 9, a day before she learned of its closure.
The 39-year-old administrative executive, who has been a member with the gym since 2023, said she visited the outlet because she wanted to make sure she was not “hallucinating”.
“I already bought a gym bag and cute outfits... (and) did not believe they were going to do this.”
The Straits Times has contacted RSM SG Corporate Advisory, True Fitness, True Yoga, the National Trades Union Congress and the Ministry of Manpower for more information.
