Preheat oven to 350°F (175°C) and grease and flour a 9x13-inch baking pan.

In a large mixing bowl, sift together the cake flour, baking powder, and salt, then stir in 1.75 cups of sugar.

Gradually beat in the softened butter using a hand or stand mixer on low speed until the mixture reaches a crumbly, sandy texture.

Add the egg whites one at a time, beating after each addition, followed by the whole egg until fully incorporated.

In a separate container, whisk together 1 cup of heavy cream, 1 tsp vanilla extract, and 2 tbsp coconut extract.

Slowly pour the cream mixture into the dry ingredients while beating on medium-high speed for 3 minutes to aerate the batter.

Transfer the batter to the prepared pan and bake for 35 to 40 minutes, or until a toothpick inserted into the center comes out clean.

Remove the cake from the oven and immediately use a fork to poke holes across the entire surface of the warm cake.

Vigorously shake the can of cream of coconut and pour it evenly over the cake to allow for maximum absorption.

Allow the cake to cool completely to room temperature before proceeding with the frosting.

In a chilled mixing bowl, beat the softened cream cheese, 0.5 cup sugar, and the remaining extracts until smooth.

Slowly add the 2 cups of chilled heavy whipping cream and beat on high speed until stiff peaks form.

Spread the whipped frosting over the cooled cake, top with shredded coconut, and refrigerate for at least 1 hour before serving.