Preheat oven to 350°F. Grease a 9x13-inch baking dish and set aside.
In a mixing bowl, combine the cake mix, water, vegetable oil, and eggs. Blend until smooth.
14.25 ounce white cake mix, 3/4 cup water, 1/2 cup vegetable oil, 3 eggs
Pour the cake batter into the prepared baking dish and bake for approximately 28 to 30 minutes or until the top of the cake is golden and a toothpick inserted comes out clean. Allow the cake to cool down (about 1 hour).
While the cake cools, make the filling by combining the coconut cream and sweetened condensed milk. Stir until smooth.
13.66 ounce can of coconut cream, 14 ounce can of sweetened condensed milk
Once cooled, poke holes into the top two-thirds of the cake with the end of a wooden spoon (spacing the holes 1 inch apart).
Pour the filling over the cake, making sure the mixture gets into the holes by spreading it with a soft silicone spatula.
Allow the cake to chill for 30 minutes.
Spread the whipped topping over the cake and top with the toasted shredded coconut and maraschino cherries (if desired). Serve immediately or refrigerate until ready.
16 ounces whipped topping, 1 cup sweetened shredded coconut
How to Toast Shredded Coconut
Heat oven to 325F. Line a baking sheet with parchment paper and add the shredded coconut. Place the baking sheet in the oven and toast for a few minutes, or until golden brown.TIP - Shredded coconut will brown very quickly, going from golden to dark in minutes; make sure to keep an eye on it and only toast on a low setting.
Make sure you are using coconut cream and not coconut milk – the textures of the two are very different. This recipe relies on the thickness of coconut cream and you will not get the same results if you swap it with coconut milk.
We have not tested this recipe using cream of coconut. Cream of coconut is much sweeter compared to coconut cream and may be too overpowering when mixed with the sweetened condensed milk in this recipe.
I recommend using white cake mix here, but yellow cake mix will also do the trick. We used the kind that requires oil, water, and eggs but you can easily substitute with the kind that uses butter (simply omit the eggs, oil, and water called for in the ingredients section below and follow the back of your box).