Possible.
"The server" are two distinct things:
a) The server computer, the hardware, with an operating system. PING requests are handled by standard daemons/services running "always" while the operating system runs. This part answers with around 300 ms delay, for your connection to Singapore.
b) The game server. This is an own software which needs to run after the server computer booted completely.
If you can not login despite of good PING times, the "game server" (b) did not yet start up, even though the server computer (a) already runs.