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Singapore Gyms Collapse: True Fitness Shutters All Branches
12 Sep
Summary
- True Fitness and True Yoga ceased all operations in Singapore on Sept 10.
- The companies are undergoing provisional liquidation due to liabilities.
- High rents and competition contributed to the fitness business's struggles.
True Fitness Pte. and True Yoga Pte. have ceased all operations across Singapore following their placement under provisional liquidation on September 10, 2026. The abrupt closure notice was posted via the companies' mobile app.
These fitness chains, which are subsidiaries of Hong Kong-listed Kontafarma China Holdings Ltd., are proceeding with plans for a creditors' voluntary winding-up. Kontafarma cited the inability of the Singapore fitness business to continue operating due to substantial liabilities. The business struggled with increasing competition from boutique gyms and digital fitness options, alongside reduced demand for external memberships due to the proliferation of in-condominium gyms.
Despite financial support from the parent company, the Singapore fitness operations significantly underperformed. The business incurred losses of approximately HK$19.1 million (US$2.4 million) in the first eight months of 2026. By the end of August 2026, liabilities exceeded assets by more than three times. Accumulated losses for True Yoga reached about S$82.8 million (US$65.3 million) by the end of 2025, with True Fitness accumulating S$13.5 million in losses.
