You need to check your tracking number provided to you by FedEx. It will inform you if its being held in Customs pending payment of tax if its that case. At this point in time, just stay calm and just wait for a phone call by FedEx staff, they will inform you the estimated tax payable as well as whether you want FedEx to handle the tax clearance on your behalf, they will charge you RM50 for it which is worth it IMHO.
You will need to check whether the correct tax amount had been charged. Sometimes Malaysian customs use their own value of the worth of the watch instead of what you actual pay for. Be ready to be able to give FedEx team the supporting documents, e.g. the actual invoice for the watch purchase, screenshot of how much you paid from your credit card statement etcs.
Good luck and enjoy your watch. Do post here for all the members to appreciate it, must be an awesome watch for you to import from Geneva.