True Fitness, True Yoga to close in Singapore; parent company cites competition, rising costs

Despite cash funding from the parent company, the Singapore operations continued to underperform, said its parent company.

A True Fitness outlet in Singapore. The True Group, with gym, yoga and spa businesses in the region, was established in Singapore in 2004. (Photo: True Fitness Singapore)

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SINGAPORE: True Fitness and True Yoga in Singapore are set to close, with their Hong Kong parent company citing "fierce" market competition and rising costs in attracting customers.

According to a bourse listing by parent company Kontafarma China Holdings on Thursday night (Sep 10), the directors of True Fitness and True Yoga passed resolutions saying 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 Oct 7, where creditors' voluntary winding-up will be proposed. Meetings with creditors will follow.

CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less The companies, collectively referred to by Kontafarma as the True Singapore Group, operate 10 fitness and yoga outlets in Singapore across three brands – True Fitness, TFX and Yoga Edition. The fitness and yoga centres are set to close as part of the liquidation process.

The companies, collectively referred to by Kontafarma as the True Singapore Group, operate 10 fitness and yoga outlets in Singapore across three brands – True Fitness, TFX and Yoga Edition.

The fitness and yoga centres are set to close as part of the liquidation process.

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 Dec 31, 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 Aug 31, its assets stood at about HK$204.5 million, with total liabilities of about HK$633.8 million, leaving it with net liabilities of about HK$429.3 million.

Kontafarma said the fitness business of the group in Singapore faces multiple challenges, including but not limited to the "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.

Kontafarma said the challenges faced by the True Singapore Group are "unprecedented".

It said the growing popularity of boutique gyms had intensified competition, while gyms in condominiums and residential developments have also reduced some consumers' need for external gym memberships.

The company also noted competition from online training, mobile apps, video platforms and virtual coaching, which allow people to exercise at home or outdoors.

These made it difficult to attract customers, alongside high operating costs and tight cash flow, Kontafarma said.

"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," it added.

Kontafarma said the liquidation of the companies would allow the company to deploy its resources "in a more optimal way for the development of the pharmaceutical business of the group".

OPERATIONS EXPECTED TO CEASE

Once the appointment of the provisional liquidators takes effect, they will assume control of the affairs, businesses and property of True Fitness and True Yoga, said Kontafarma, adding that t he powers of the companies' directors will cease.

"The operation of the fitness and yoga centres is expected to cease in connection with the commencement of the provisional liquidation," it said.

The creditors' voluntary liquidation will commen ce after the passing of the special resolution at the extraordinary general meeting.

True Singapore Group also owed its parent Kontafarma group about HK$309.7 million as of Aug 31.

"The final amount of such indebtedness is subject to adjudication by the liquidators, and recovery will depend on the assets realised in the liquidation and the distribution of such realisations to creditors in accordance with the statutory order of priority under applicable laws and regulations of Singapore," said Kontafarma.

Kontafarma has also provided a guarantee to a bank for a loan to True Fitness.

As of the date of this announcement, the total sum due by True Fitness to the bank amounted to about S$2.3 million.

Kontafarma said it believes the liquidation would have "no other material adverse impact" on the financial performance and operations of its existing businesses.

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 Jun 30.

CNA has contacted the Consumers Association of Singapore and the Ministry of Manpower for more information.

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其母公司表示，尽管母公司提供了现金注资，但新加坡业务的业绩仍然不尽如人意。

新加坡一家 True Fitness 健身中心。True Group 是一家在亚太地区拥有健身房、瑜伽馆和水疗中心的连锁企业，于 2004 年在新加坡成立。（图片：True Fitness 新加坡）

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新加坡：新加坡的 True Fitness 和 True Yoga 即将关闭，其香港母公司称，关闭原因是市场竞争“激烈”以及吸引顾客的成本不断上升。

据母公司康泰制药中国控股有限公司周四晚（9月10日）在交易所发布的消息，True Fitness和True Yoga的董事通过决议称，由于负债，他们无法继续经营。

RSM SG Corporate Advisory 的破产从业人员 Goh Wee Teck 和 Lin Yueh Hung 已被临时委任。

两家公司将于10月7日召开特别股东大会，会上将提议债权人自愿清算。随后将举行债权人会议。

CNA游戏 猜词游戏 逐行破解单词 流行词游戏 用给定的字母组成单词 迷你数独 小小的谜题，却蕴藏着巨大的脑力挑战 迷你填字游戏 小方格，大挑战 单词搜索 尽可能多地找出单词 显示更多 显示更少 这些公司，Kontafarma统称为True Singapore Group，在新加坡运营着10家健身和瑜伽中心，旗下拥有三个品牌——True Fitness、TFX和Yoga Edition。作为清算程序的一部分，这些健身和瑜伽中心即将关闭。

这些公司（Kontafarma 统称为 True Singapore Group）在新加坡经营着 10 家健身和瑜伽馆，旗下拥有三个品牌——True Fitness、TFX 和 Yoga Edition。

作为清算程序的一部分，健身和瑜伽中心将关闭。

True Singapore Group 截至 2025 年 12 月 31 日止年度的收入约为 1.812 亿港元（2310 万美元），亏损约为 3430 万港元。

截至 2025 年底，该公司总资产约为 1.497 亿港元，负债约为 5.555 亿港元。

未经审计的管理账目显示，该公司今年前八个月的收入约为1.184亿港元，亏损为1910万港元。

截至 8 月 31 日，该公司资产约为 2.045 亿港元，总负债约为 6.338 亿港元，净负债约为 4.293 亿港元。

Kontafarma表示，该集团在新加坡的健身业务面临多重挑战，包括但不限于“日益激烈的”市场竞争和不断上涨的吸引顾客成本。

尽管母公司提供了现金资金，但新加坡业务的业绩仍然不佳，并面临巨大的流动性压力。

Kontafarma表示，True Singapore集团面临的挑战是“前所未有的”。

报告称，精品健身房日益普及加剧了竞争，而公寓和住宅开发项目中的健身房也减少了一些消费者对外部健身房会员资格的需求。

该公司还指出，来自在线培训、移动应用程序、视频平台和虚拟教练的竞争日益激烈，这些平台允许人们在家或户外进行锻炼。

Kontafarma表示，这些因素，加上高昂的运营成本和紧张的现金流，使得公司难以吸引顾客。

报告还指出：“尽管新加坡已尽最大努力控制成本并优化健身行业的运营效率，但在竞争异常激烈的市场环境下，健身行业仍然难以继续经营。”

Kontafarma表示，清算这些公司将使公司能够“以更优化的方式部署资源，以发展集团的制药业务”。

预计运营将停止

Kontafarma表示，一旦临时清算人的任命生效，他们将接管True Fitness和True Yoga的事务、业务和财产，公司董事的权力也将终止。

“随着临时清算的开始，健身和瑜伽中心的运营预计将停止，”声明中写道。

债权人自愿清算将在特别股东大会通过特别决议后开始。

截至 8 月 31 日，True Singapore Group 还欠其母公司 Kontafarma 集团约 3.097 亿港元。

Kontafarma表示：“此类债务的最终数额须经清算人裁定，而收回情况将取决于清算中实现的资产以及根据新加坡适用法律法规规定的法定优先顺序将这些实现的资产分配给债权人。”

Kontafarma 还向银行提供了担保，以确保 True Fitness 获得贷款。

截至本公告发布之日，True Fitness 欠银行的总金额约为 230 万新元。

Kontafarma表示，它相信清算不会对其现有业务的财务业绩和运营产生“其他重大不利影响”。

截至 2026 年 6 月 30 日，Kontafarma 的制药业务占集团 2026 年上半年收入的约 76.7%，占集团总资产的 78.5%。

CNA已联系新加坡消费者协会和人力部以获取更多信息。

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