True Fitness and True Yoga to shutter all 10 Singapore outlets after parent cites fierce competition and rising costs
True Fitness and True Yoga in Singapore are set to close, with parent company Kontafarma China Holdings citing intense competition and rising customer acquisition costs. Insolvency practitioners have been provisionally appointed and creditors' voluntary winding-up will be proposed at an extraordinar
True Fitness and True Yoga in Singapore are set to close, with their Hong Kong parent company Kontafarma China Holdings citing “fierce” market competition and rising costs in attracting customers. The companies, collectively referred to as the True Singapore Group, operate 10 fitness and yoga outlets in Singapore across three brands – True Fitness, TFX and Yoga Edition – and the centres are expected to cease operations as part of the liquidation process.
According to a bourse listing by Kontafarma on 10 Sep 2026, the directors of True Fitness and True Yoga passed resolutions stating that they were unable to continue business due to their liabilities. Insolvency practitioners Goh Wee Teck and Lin Yueh Hung of RSM SG Corporate Advisory have been provisionally appointed. Extraordinary general meetings for both companies will be held on 7 Oct, where creditors’ voluntary winding-up will be proposed, followed by meetings with creditors.
The True Singapore Group recorded revenue of about HK$181.2 million (US$23.1 million) and a loss of about HK$34.3 million for the year ended 31 Dec 2025. At the end of 2025, it had total assets of about HK$149.7 million and liabilities of about HK$555.5 million. Unaudited management accounts showed that the business recorded revenue of about HK$118.4 million and a loss of HK$19.1 million in the first eight months of this year. As of 31 Aug, its assets stood at about HK$204.5 million, with total liabilities of about HK$633.8 million, leaving net liabilities of about HK$429.3 million.
Kontafarma said the fitness business in Singapore faces multiple challenges, including “increasingly fierce” market competition and rising costs in attracting customers. Despite cash funding from the parent company, the Singapore operations continued to underperform and faced significant liquidity pressure. The company noted that the growing popularity of boutique gyms had intensified competition, while gyms in condominiums and residential developments have reduced some consumers’ need for external gym memberships. Competition from online training, mobile apps, video platforms and virtual coaching also made it difficult to attract customers, alongside high operating costs and tight cash flow.
“While the best endeavours have been made to control costs and optimise operational efficiency of the fitness business in Singapore, the fitness business is found extremely difficult to continue amid the fiercely challenging market,” Kontafarma added. The group said the liquidation would allow it to deploy resources “in a more optimal way for the development of the pharmaceutical business of the group”. Kontafarma’s pharmaceutical segment accounted for about 76.7 per cent of group revenue in the first half of 2026 and 78.5 per cent of its total assets as of 30 Jun.
The True Singapore Group also owed its parent Kontafarma group about HK$309.7 million as of 31 Aug. Kontafarma has provided a guarantee to a bank for a loan to True Fitness, with the total sum due by True Fitness to the bank amounting to about S$2.3 million as of the date of the announcement. Kontafarma said it believes the liquidation would have “no other material adverse impact” on the financial performance and operations of its existing businesses.
