Singapore’s Mid-Market Gyms Face a Margin Squeeze Despite Fitness Growth

Singapore, 22 September 2026 – Singapore’s fitness market is expanding, yet large mid-market gyms are finding it harder to convert participation into sustainable profit. The closure of True Fitness and True Yoga’s studios has sharpened scrutiny of a segment caught between low-cost 24-hour chains and specialist boutiques. That contrast matters to investors because rising demand for exercise does not guarantee healthy unit economics for every operating model. Rent, labour, equipment and utilisation determine whether a full club can earn an adequate return.

Official participation data cited in the report show that 76% of residents exercised at least weekly last year, up from 66% in 2019. The market is therefore not simply shrinking. Consumers have more formats to choose from, including home workouts, condominium gyms, public facilities, boutique classes and flexible personal training. A broad club offering many services may struggle if customers value only some of them or can buy a more convenient alternative at lower cost.