Have about 400k miles sitting in my MP account and last time I've redeemed flights was 3 years ago. I live in Singapore and the only route nearby where it makes practical sense (my understanding) to redeem miles is Oceania and good luck finding Business seat on these flights.

At most other places/routes I wanted to book award tickets - SIN-NZ, SIN-Africa, EU-Africa, SIN-South America - cost of award tickets (in terms of miles required) was prohibitively expensive...

Is above assessment correct? Do you have other examples for international flights outside of North America where value of miles are most useful?