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I have already known the IP address for ghs.google.com, placed it in the required box then already waited for propagation to happen.

I had waited until today at around 11 pm and pinged my domain. My first try was successful, and it pinged the new IP address. However when i retried again, I ended up with 127.0.0.1, instead of the new IP address I had designated. I had already cleared all the cache of my browsers, but still I ended up with 127.0.0.1.

Now my question is how long does it take for DNS propagation to occur and acknowledge the new IP address I designated to?

You own Google.com? LOL!

no i don't, but after I'd made my Google surfing for the IP address of ghs.google.com had had come up to finding it.

you try typing it over at Google, and you'll see two IP addresses of ghs.google.com.

We checked your domain and we can see your blog from Blogger just fine.  If you have already cleared the cache from your computer, it is possible that your Internet Service Provider's cache has not been cleared yet.  You can view an uncached version of your website using our Snapshot tool.  Steps on how to use our Snapshot tool can be found here:

How do I access the website snapshot tool? Our website snapshot tool allows you to see what your website homepage looks like. The reason you may want to use this tool is to see if you're seeing a different - cached - version of your website. To see your website's snapshot, please follow these steps: Sign in to your Dynadot account. Select "My Domains" from the left-side menu bar and click "Manage Domains" in the drop-down. Click the ellipsis icon (...) beside the domain and choose "snapshot" from the dropdown. A pop-up window will appear showing you a current snapshot of your website. From Help Section: Account & Domain Management > How do I access the website snapshot ...

DNS propagation can take anywhere from a few hours to a few days.  More information about caching can be found here:

Domain Name Server Propagation