True Fitness and True Yoga to shutter; customers report losses of more than $63,000

: Get ST's newsletters delivered to your inbox The True Singapore Group has recorded substantial losses and net liabilities exceeding HK$400 million (S$64 million). ST PHOTO: GIN TAY Calista Wong andAnn Neo Updated Sep 11, 2026, PM Set as preferred source Listen Summarise True Fitness and True Yoga in Singapore have closed suddenly, causing customers to lose over $63,000 in unused memberships and packages, with 28 complaints reported to the consumer watchdog CASE. The parent company, Kontafarma China Holdings, cited fierce market competition, rising costs, and financial losses as reasons for the closure and winding-up of all outlets. Provisional liquidators have been appointed, and creditors' meetings are scheduled, while affected members express shock and frustration over the abrupt shutdowns and locked outlets. AI generated SINGAPORE – True Fitness and True Yoga members have reported losses of more than $63,000 following the chains’ sudden winding up in Singapore. In a Facebook post on the afternoon of Sept 11, Consumers Association of Singapore (CASE) president Melvin Yong said the consumer watchdog had received 28 complaints about the closure, with reported losses of more than $63,000 in unused memberships, packages and services. “CASE has reached out to the provisional liquidator and will continue to seek clarification on the arrangements for affected consumers, including information required for consumers to lodge their claims,” he said. Kontafarma China Holdings, the parent company of True Fitness and True Yoga, said on Sept 10 that the fitness chains were set to close because of market competition and cost pressures. In a market announcement, Kontafarma China Holdings said the directors of True Yoga and True Fitness had passed resolutions saying they were unable to continue their businesses owing to their liabilities. The True Fitness and True Yoga businesses come under the True Singapore Group, which also operates fitness and yoga centres TFX and Yoga Edition here. All outlets under these brands are set to close as part of the winding-up process, said Kontafarma. The group has been under mounting financial strain, recording substantial losses and net liabilities, even as it continued to generate notable revenue. In 2025, it recorded revenue of about HK$181.2 million (S$29.3 million) and a loss of about HK$34.3 million. As at Dec 31 of that year, the True Singapore Group had total assets of about HK$149.7 million, total liabilities of about HK$555.5 million and net liabilities of about HK$405.8 million. The group’s unaudited management accounts show that it recorded revenue of about HK$118.4 million for the eight months ended Aug 31, 2026, and a loss of about HK$19.1 million during the same period.