Hi! It was indicated in the guidelines as to what they have meant by "Assets." In my application, I have only included those assets which are readily convertible to cash. (e.g. savings accounts both in SG and overseas, CPF fund) Here's an excerpt from CIC's guidelines as they define what you need to include as part of your assets.
Question 11 (Schedule 3)
a) Assets
Indicate the total amount (in Canadian dollars) of fixed deposits, savings accounts, pensions, etc.
b) Liabilities
Indicate the total amount (in Canadian dollars) of real property mortgages and any other personal debts.
c) Total funds available for settlement in Canada
With consideration to your total assets and liabilities, indicate the total amount (in Canadian dollars) of unencumbered, transferable and available funds that you have for settlement in Canada.