Singapore’s True Fitness, True Yoga to shut down amid fierce competition, mounting liabilities; members report S$609,000 losses

Singapore's True Fitness and True Yoga shut down amid mounting liabilities and fierce competition. The Hong Kong parent company, Kontafarma China Holdings, announced the closure on September 10, citing overwhelming liabilities and intense market competition. The closure was effective immediately, with outlets instructed not to open on September 11.

Singapore's consumer rights watchdog, Consumers Association of Singapore (CASE), received 241 complaints about losses from unused memberships or services, and president Melvin Yong urged clarification on arrangements for affected consumers.

Two employees informed the staff about the sudden closure via email at around 10.30 pm on September 10, an hour before the outlets were set to close. True Singapore Group, the operating entity for True Fitness, True Yoga, TFX and Yoga Edition, reported a net loss of HK$429.3 million. In 2025, the group faced HK$34.3 million in losses with revenue of HK$181.2 million.

Kontafarma faced challenges from boutique gyms, fitness apps, and online coaching, as well as residential developments offering gym facilities. Insolvency practitioners Goh Wee Teck and Lin Yueh Hung of RSM SG Corporate Advisory were appointed as provisional liquidators, with creditors' voluntary winding-up proposals to be considered at an extraordinary general meeting on October 7.

As of September 11, both companies were listed as in liquidation, with several outlets already shut down.