True Fitness and True Yoga Shut Down in Singapore Amid Liquidation

By Srinidhi Ragavendran(Bloomberg) — True Yoga Pte and True Fitness Pte. have closed down all of their Singapore locations following their placement under provisional liquidation, contributing to a series of fitness center shutdowns across the island nation over recent years.According to a mobile app notification regarding the closure, the provisional liquidation went into effect on 10 Sept. “All clubs’ operations will cease with immediate effect,” it said.Severe rental expenses, escalating operational costs, and intense rivalry have compelled various operators to shut down, highlighting the growing difficulties facing the fitness sector in Singapore with these recent closures. Fenix Fitness, UFC Gym, and Ritual Gym count among the businesses that have departed in recent years.True Fitness and True Yoga are part of Hong Kong-listed Kontafarma China Holdings Ltd. The companies were unable to continue operating because of their liabilities and plan to seek approval for a creditors’ voluntary winding-up at meetings on 7 Oct, Kontafarma said in a Thursday filing.The Singapore fitness business had struggled with intensifying competition from boutique gyms and cheaper digital alternatives, it added. The growing number of gyms in condominiums and residential developments had also reduced some consumers’ need for external memberships.” In spite of the cash funding provided by the Company hoping to support the Singapore fitness business, the Group’s fitness business in Singapore continued to underperform and face significant liquidity pressure,” Kontafarma said.The Singapore business lost about HK$19.1 million (US$2.4 million) in the first eight months of 2026, the filing showed. By the end of August, its liabilities were more than three times its assets.It also owed the wider Kontafarma group about HK$309.7 million as of 31 Aug, with any recovery depending on what the liquidators can raise from its assets.The two chains’ losses had been building for years. Records filed with Singapore’s Accounting and Corporate Regulatory Authority show True Yoga had accumulated losses of about S$82.8 million (US$65.3 million) at the end of 2025, while True Fitness had about S$13.5 million.As recently as a few months ago, True Fitness were still marketing memberships that ran for several years, including packages covering access to the gyms, fitness classes, yoga and reformer sessions. Some plans stretched beyond five years, after which members were offered lifetime access for S$49 a month.The memberships covered access across the network. True Fitness has gyms at Novena Square, Tampines Junction and Ang Mo Kio, while its TFX brand operates clubs at Millenia Walk, CIMB Plaza and Funan mall.More stories like this are available on bloomberg.com©2026 Bloomberg L.P.

The sudden closures mark another casualty in Singapore’s competitive fitness industry. High rents, rising operating costs, and intense pressure from boutique gyms and cheaper digital alternatives squeezed the operators, according to a corporate filing cited by Bloomberg. Kontafarma China Holdings Ltd., the Hong Kong-listed parent company, stated that the Singapore business continued to underperform despite cash infusions.

The fitness business lost approximately HK$19.1 million, equivalent to about US$2.4 million, during the first eight months of 2026.

Accumulated Losses and Unfulfilled Memberships

Financial records filed with Singapore’s Accounting and Corporate Regulatory Authority detail years of mounting deficits. True Yoga accumulated losses of approximately S$82.8 million, or about US$65.3 million, by the end of 2025. True Fitness recorded accumulated losses of roughly S$13.5 million over the same period.

Despite the financial strain, both chains continued marketing long-term memberships. Consumers reported purchasing packages spanning several years that included access to gyms, fitness classes, yoga, and reformer sessions. Some plans extended beyond five years, offering lifetime access options for S$49 a month. Members across multiple locations—including True Fitness outlets at Novena Square, Tampines Junction, and Ang Mo Kio, alongside TFX clubs at Millenia Walk, CIMB Plaza, and Funan mall—found their access abruptly cut off.

Corporate Restructuring and Next Steps

The notice informed customers that all club operations would cease immediately.