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Prepare the chocolate cake mix according to package instructions and bake in a greased 9×13 baking pan until a toothpick inserted in the center comes out clean.
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While the cake is still warm, use the end of a wooden spoon to poke holes all over the top, about 1 inch apart.
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In a medium bowl, whisk together the sweetened condensed milk and coconut cream until fully combined.
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Pour the coconut milk mixture evenly over the warm cake, allowing it to seep down into all the holes.
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Let the cake cool completely to room temperature, about 1-2 hours. As it cools, the cake will absorb the coconut milk soak.
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Once cooled, sprinkle the shredded sweetened coconut evenly over the top of the cake.
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Microwave the chocolate frosting for 20-30 seconds until pourable. Pour it over the coconut layer and use a spatula to spread it evenly.
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If desired, garnish with toasted coconut or almond slivers.
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Refrigerate the cake for at least 1 hour before slicing to allow it to set up fully.
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Serve chilled, either on its own or with whipped cream or vanilla ice cream. Enjoy!