Preheat the oven to 350°F (175°C) and grease and flour a 9x13-inch pan, or line it with parchment paper. For a layered cake, use two 8-inch round pans.

Whisk together the cake flour, sugar, baking powder, and salt in a large bowl.

Add softened butter to the dry ingredients and mix until crumbly. Beat in the egg whites one at a time, followed by the whole egg, until smooth.

In another bowl, whisk together heavy cream, vanilla extract, and coconut extract. Add this to the batter and mix until light and fluffy.

Pour the batter into the pan(s) and tap gently to remove air bubbles. Allow the cake to bake for 35-40 minutes, or until a toothpick inserted into the center comes out clean. Let the cake cool slightly.

While the cake is still warm, poke holes in the surface with a fork and pour cream of coconut over it. Let it soak and cool completely.

Beat cream cheese, sugar, vanilla, and coconut extract in a chilled bowl. Add the heavy whipping cream and continue beating until stiff peaks begin to form.

Once the cake has cooled, spread the frosting evenly on top and garnish with shredded coconut. Optionally, toast the coconut for extra flavor.