In a bowl, combine gelatine powder with 55mL cold water.
In a small pot, boil some water.
Use the double boiler method by standing the bowl in the pot of hot water. Stir until the gelatine dissolves. Never boil gelatine, as it can become stringy.
In a saucepan, combine coconut water, milk, coconut milk, condensed milk, sugar, and gelatine mixture. Turn on medium heat and stir constantly.
Heat the mixture until the sugar and gelatine are fully dissolved. Remove the pot from heat immediately once you start seeing little bubbles.
Set aside for at least 20 minutes to cool down.
Pour the mixture through a sieve into the young coconut or desired container.
Cover the coconut or container with plastic wrap. Put it in the fridge for at least 1.5 hours.