Coat or butter two 9-inch round cake pans and line the bottom of both with round parchment papers.
To a large bowl, add 3 cups of flour along with a teaspoon of salt, a tablespoon of baking powder, and half a teaspoon of baking soda. Sift well and set aside.
In a separate bowl, combine together ½ cup of each coconut milk and whole milk. Set aside.
Add butter to a stand mixer along with 1 ¾ cups granulated sugar. Beat well until fluffy.
Add in a tablespoon of vanilla extract and 4 eggs plus 1 egg yolk, only one at a time. Mix on low after each addition scraping down the bottom and sides.
Add in one-third of the flour mixture and continue mixing until combined.
Add half of the milk mixture and beat until just combined.
Next, add the remaining flour mixture and continue beating.
Beat again after adding the remaining milk mixture.
Add ½ cup shredded coconut and stir well.
Divide the batter among cake pans evenly and spread the top until smooth. Tap pans on the countertop to remove bubbles, if any.
Bake in a preheated oven at 350 F, until a toothpick inserted comes out clean from the center, for about 40 minutes.
Once done, let it cool for 10 to 15 minutes, then invert onto a wire rack to cool further.