Preheat oven to 160°C Fan/180°C/350°F. Generously grease the 8x5 inches bundt or loaf pan with non-stick spray.
Sift cake flour, baking powder, and salt in a large bowl. Set aside.
Using a hand mixer or stand mixer fitted with a paddle attachment, beat butter, oil, sugar, and vanilla bean paste until light and creamy for 10 minutes, scraping the bowl down occasionally.
Add eggs one at a time, beating well after each addition. Scrape the bottom and sides of the bowl.
With the mixer on low speed, add the flour mixture in three additions, alternating with coconut milk and beginning and ending with the flour. Use a spatula to scrape the bowl well and incorporate any bits of flour, Beat low speed until combined.
Mix in the desiccated coconut.
Pour batter into the bundt or loaf pan and bake for 45-50 minutes or until a toothpick comes out clean.
Place the pan on a wire rack and let it cool for 10 minutes. Then, invert the cake onto the rack and allow it to cool completely before glazing the cake,,