Your Body, Our Project


The Flyproject group has prided itself in being the first to bring ‘indoor spin’ into Malaysian shores in early 2016 with its Flycycle establishment. It was founded by Jason Choong and Kenny Choong, two cousins passionate about re-inventing fitness in Malaysia and the South East Asia region. The team has since grown, currently at 90-persons, with 5 outlets across Klang Valley, with more to come.

With the experience and skills honed over the years,  the team has since crafted workout programmes for group classes to cater to a variety of other markets with projects like Flyfight, Flylab, Flyclimb and Flycircuit.

Since then, Flyproject has become a one-stop fitness centre as it continues to provide classes that are enjoyable yet effective as it evolves into a fitness lifestyle brand.

IBISWorld has predicted that revenue for fitness centres across Australia will grow at annualised rate of 1.8% through to 2022/2023, to reach $2.4 billion. In Malaysia itself, it is predicted that the fitness market will grow at annualised rate 9.3% and will reach US$50 million by 2021, of which Flyproject aspires to achieve US$7 million in revenue, 15% of the market size. Based on the exponential growth of similar boutique fitness brands like Soulcycle and F45 Training over the past decade, there shows there is room for potential for Flyproject to grow in the South East Asian region.

In Malaysia, Flyproject is currently the market leader of the boutique fitness market, with the top number of outlets (5), largest number of members and largest Instagram following

Our latest venture with JW Marriott Hotel - Flyclimb, has paved the way for a more scalable approach as said deals require the Landlord to fund the fit-out of the outlet. This allows the group to build more outlets across the country, without the capital expenditure burden that most traditional gyms and fitness centres encounter.

From the figures below, Flyproject has reaped healthy profits over the years and forecasted revenue shows that Net Profit % will grow substantially over the years as efficiencies are achieved. Forecasted revenue by 2021 is at RM29 million, with 18.24% Net Profit.

The group is seeking to raise RM3 million, at a RM48 million post-money valuation for a 6.25% stake in the company. 

From the projected valuations below, the price per share can be within RM28-RM64 per share, achieving a 12.5%-160% ROI. A realistic and achievable approach to arrive at a exit valuation of RM54 million (low range) and RM125 million (high range) was applied based on exit valuations of comparables like Soulcycle and The Gym Group. Both groups exited at x26 and x36 EBITDA multiple.

The RM3 million investment will be dedicated towards building more outlets across Malaysia and South East Asia. In addition to that, there are plans to build a fitness solutions provider for both businesses and consumers across the region.

The management team has grown with the group, back when it was still at a single-outlet business. The members have experiences in tech companies like Uber, established gym groups like Anytime Fitness and in other development industries. 

With a wide array of skills, experiences and talent in hand, the group believes it can be the biggest boutique fitness market in Malaysia, South East Asia, and beyond.

For more info, please visit our website or Instagram page. You can also email [email protected] regarding any enquiries you may have.


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