Officially, its recommended retail price (RRP) already dropped down since September. That new price for iPhone 4S also happen to be the price tag of iPhone 4 of the same capacity prior price drop. So it's not likely it will get any much cheaper until early next year.

As for shops, most likely they won't drop price towards below of Apple Online Store's price just to clear stocks. You see, lots of small time phone kiosks are even displaying their iPhone 4 box sporting pricetag of sub-2k! For bigger stores, yup, sometimes they can get cheaper, but there's a catch. Cheaper only by RM50-100, and the sets are most likely not Malaysian sets anyway.

As for telco stores, most of the stocks are already so constrained (most likely due to them limiting bulk order units from Apple in anticipation for iPhone 5 launch). Even now can't order iPhone 4S from Digi Online Store anymore, can only purchase by walk in. So the stocks are so small in number that they have no need to do clearance.