Gentrification is generally defined as the transformation of a working class living in the central city into middle-upper class society. It has both positive and negative consequences. Gentrification caused loses of affordable home, however, it is also beneficial because it rejuvenates the tax base as well stimulates mixed income. Question arises whether the characteristics of gentrification in developing countries will appear to be the same or varies to those in developed countries. Because of this research growth, a review of the body of literature related to the mutation of gentrification, i.e. type of gentrification and its characteristics is believed necessary. This will serve as a basis for a conceptual framework to analyze what is happening in Iskandar Malaysia (IM). As globalized urbanization area, IM offers a particularly interesting case as there are already signs of gentrification due to its rapid urbanization. In the residential market, house price in IM shows a rapid and continuous increment. Many foreigners are attracted to the new residential area in IM being promoted as exclusive while promising a quality lifestyle. The locals meanwhile face difficulties in owning a home because of the upward spiraling of house price. In certain area, the local low income people are displaced by middle and upper income group. The identification of such characteristics and the associated attributes which is the second phase of the study will determine to what extent IM is in the process of gentrification. The paper finally concluded that the sign of gentrification in IM is similar to the other developing countries.