True Fitness and True Yoga to Close Singapore Operations Due to Financial Losses

True Fitness and True Yoga are set to close their operations in Singapore as their Hong Kong parent company, Kontafarma China Holdings, initiates a winding up process. The parent company announced on September 10 that the directors of both companies passed resolutions stating they were unable to continue business due to their liabilities. The True Singapore Group, which also includes TFX and Yoga Edition, operates 10 outlets across the city. Provisional liquidators Goh Wee Teck and Lin Yueh Hung of RSM SG Corporate Advisory have been appointed to oversee the process. Extraordinary general meetings are scheduled for October 7 to propose a creditors' voluntary winding up.

Financial records indicate significant strain. For the year ended December 31, 2025, the group recorded revenue of approximately HK$181.2 million and a loss of about HK$34.3 million. By August 31, 2026, unaudited accounts showed a loss of HK$19.1 million for the first eight months of the year. As of that date, the group had total liabilities of about HK$633.8 million and net liabilities of about HK$429.3 million, including a debt of HK$309.7 million owed to the parent company.

Kontafarma attributed the failure to unprecedented challenges and fierce market competition. The company cited the rising popularity of boutique gyms, the availability of gym facilities within condominiums, and the growth of online training and virtual coaching as factors that reduced the need for external memberships. The parent company stated that the liquidation will allow it to redirect resources toward its pharmaceutical business. ACRA BizFile records currently list the status of both True Fitness and True Yoga as in liquidation.