Is it more worthwhile to use Citi Rewards point exchange gift cards or transfer to Velocity points

I have a Citi Signature Credit Card and have around 120,000 citi rewards points.

If i buy Coles Gift cards from these pointss - i get around $500 worth gift card.
if i transfer these points to Virgin Velocity FF (with 15% November bonus) - I get around 60,000 Velocity points.

If my intention is to book classic rewards flights in Economy only (not interested in upgrade to Biz/First Class), what is more worth it - Gift card or Velocity points?

Any pointers?

9 times out of 10, it would be worth more to transfer to Velocity points.

60000 Velocity pts is nearly enough for return economy (70000 pts) flights to Singapore on Singapore Airlines. If you think that is worth more than $500, transfer to Velocity.

It is rarely worthwhile to exchange points for giftcards or items.

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