To tell you the truth - the short answer is No.
The long answer : take a good look at what Azimuth is doing. They are actually a Singaporean company but their watches are cased up in switzerland (thus, the Swiss Made on the dial). They are reasonably successful but it is because :
a) their watches says Swiss Made on the dial and not Singapore Made
b) their watches feature ETA movement with some degree of modifications
c) for their first collection, they didn't charge RM20,000 for any of their watches.
When you charge RM5,000 - RM20,000 for essentially a RM200- RM500 ETA ebauche movement that is cased up locally, you are actually overpricing your watches. Unless your watches have some extras (eg. a tourbillon cage, carrousel cage, or a minute repeater function), you are essentially shooting yourself in the foot.
In that price range, you are in direct competition with Tag Heuer, Ball and to a certain extent, Omega.