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1
Preheat the oven to 250.
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2
Butter a 9-by-13-inch metal baking pan and line the bottom with wax paper or parchment paper.
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3
Butter and flour the paper.
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4
In a medium bowl, whisk the cake flour with the baking powder and salt.
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5
In a small bowl, whisk the coconut milk with the vanilla and coconut extracts.
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6
In a bowl, using a handheld electric mixer, beat the butter with 1/2 cup of the granulated sugar until fluffy.
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7
Add the egg yolks one at a time, beating well between additions.
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8
With the machine at low speed, add the dry ingredients in 4 batches, alternating with the coconut-milk mixture.
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9
In a large bowl, using clean beaters, beat the egg whites until soft peaks form.
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10
With the machine on, gradually beat in the remaining 1/2 cup of granulated sugar until the egg whites are thick and glossy.
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11
Scrape the beaten whites into the cake batter and fold until just combined.
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12
Scrape the batter into the prepared pan and bake for 1 hour and 35 minutes, until a cake tester inserted in the center comes out clean and the cake springs back when lightly pressed.
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13
Transfer the cake to a rack and let cool to room temperature.
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14
In a medium saucepan, combine the milk, coconut milk and saffron and bring to a simmer over moderate heat.
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15
In a medium bowl, whisk the sugar, cornstarch and salt.
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16
Whisk in the egg yolks until smooth.
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17
Gradually whisk in half of the hot saffron milk.
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18
Scrape the mixture into the saucepan and cook over moderate heat, whisking, until the saffron cream is thickened and just comes to a simmer, 4 minutes.
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19
Transfer the cream to a heatproof bowl and stir in the butter.
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20
Press a piece of plastic wrap directly onto the surface of the cream and refrigerate.
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21
In a medium bowl, using a handheld electric mixer, beat the cream cheese with the butter until smooth.
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22
Add the confectioners' sugar and beat well.
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23
Refrigerate until chilled but still spreadable, about 10 minutes.
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24
Unmold the cake and discard the wax paper.
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25
Using a large serrated knife, slice the cake in half crosswise to create two 9-by-6 1/2-inch layers.
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26
Transfer one layer to a platter and spread the saffron cream on top.
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27
Cover with the second cake layer, flat side up.
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28
Using an offset spatula, spread the cream cheese frosting all over the top and side of the cake.
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29
Press the coconut onto the side of the cake and sprinkle the rest of the coconut on the top.
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30
Serve right away or lightly chilled.
