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With Velocity points, you may already know that you have Etihad and Singapore Airlines as obvious options.
With the way things are with Velocity, I would say you will have to take what you can get (what is available). Redeeming Etihad with Velocity does involve a pricey surcharge though.
Singapore Airlines products are consistently great in all classes. You may have better availability with Singapore Airlines if you transfer your Velocity to Krisflyer, even though it involves a 1.35x reduction in pts.
Lots of pros and cons to consider, I know.