depends on which part of the watch you want engraved (the caseback? the rotor? the case? the clasp? the crystal?) and also what kind of engravings(manual? machined?) you looking for
i think if you want machined engravings on a flat surface like the caseback, shop selling pens that provide engraving sevices might be able to do it.
for manual engravings, you can try your luck in any gold stores
i spent 6 years in eastern europe, i was lucky as they have stalls they does manual engravings on any material and any surface at about 80sen a letter, and they did a very good job too... I'm not sure whether there are any maestro like that in malaysia.