Hong Kong’s 24/7 Fitness acquires Singapore’s Gymmboxx; aims to have 40 branches here in next 3 years

HONG KONG-based 24/7 Fitness has acquired home-grown fitness chain GymmBoxx for an undisclosed sum, with plans to have 40 branches in Singapore in the next three years.

“Gymmboxx was a good choice (as a target), as both companies have the same business model, operation structure and similar goals in the fitness arena in Singapore,” Ingrid Wong, chief executive of 24/7 Fitness, told The Business Times.

One of Hong Kong’s biggest 24-hour fitness brands, 24/7 Fitness has 100 branches in Hong Kong, 22 in mainland China and two in Macau.

“Our goal is to establish a presence in major cities across Asia,” said Wong. “Gymmboxx is also a trusted brand in the Singapore community.”

Established in 2010, Gymmboxx was one of the earlier entrants into Singapore’s 24-hour gym space. It began as a single gym in a multi-storey car park in Bedok, before opening more branches in the heartland.

Anytime Fitness, the current 24-hour fitness franchise market leader in the Republic, opened its first branch here in 2013. It has more than 100 branches in Singapore today.

Lee Wei Hao, the general manager of Gymmboxx, said the acquisition was a “strategic move” that will allow the home-grown brand to expand its presence and enhance its offerings in Singapore. While Gymmboxx had received a few investment offers before the Covid-19 pandemic, none proved suitable, he added.

In 2023, Gymmboxx shut three branches at Century Square in Tampines, the now-defunct JCube in Jurong East, and Kebun Baru Community Club in Ang Mo Kio. These closures were due to “unsuccessful rental bids and building redevelopment plans”, said Lee.

Following the acquisition, which was completed in May, all existing nine Gymmboxx branches have been rebranded to 24/7 Fitness. Gymmboxx’s management will also stay on to work with the 24/7 Fitness management in building the new brand, said Lee.

Since acquiring Gymmboxx, 24/7 Fitness has opened one more branch, bringing its total number of gyms in Singapore to 10.

The branches are operated via a mix of franchises and direct sales.

By end-2024, 24/7 Fitness will be opening four more gyms in shopping centres Pacific Plaza, The Cathay, The Seletar Mall and Elias Mall. Wong said the group is “actively looking for more potential sites” and aims to have a total of 40 branches in Singapore in the next three years.

“24/7 Fitness sees substantial growth opportunities in the Singapore market, despite the presence of other 24/7 access gym franchises,” she said. “Unlike other gyms, we value transparency, which is why we offer clear and highly transparent pricing without any joining fees or pre-payments.”

The group is also looking at opening its first 24/7 Fitness branch in Malaysia and Thailand, as well as expanding its presence in China and Macau.

Gymmboxx’s acquisition comes amid a spate of closures in Singapore’s gym industry. Boutique gyms CLMB Studio, Ritual Gym, Fenix Fitness, Haus Athletics and boOm Singapore have all shuttered over the past year.

Said Lee: “Despite the challenging environment, Gymmboxx has remained profitable and robust before our recent acquisition by 24/7 Fitness.”