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Raise the oven temperature to 350F / 175 C/ Gas Mark 4
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While the crust is baking, simmer the coconut water, heavy cream and granulated sugar in a saucepan over medium-high heat. Reduce the liquid to 1 cup / 250 ml. It could take from 15-20 minutes from the time the cream reaches a good simmer. The cream will become thicker and lightly golden. And bubbles will be larger and less foamy. I measure it in a heat proof liquid measure just to make sure.
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Add the reduced cream to a mixing bowl, then add the reserved slivered almonds, shredded and flaky coconut, egg yolks, and vanilla. Stir until well combined and spoon into the pie crust. Make sure the filling is up against the sides. Place the pie on a sheet pan then bake in the middle rack in the oven for 30 - 35 minutes until lightly golden. Check the pie half way through and make sure the crust is not browning too much. Cover the edge with foil if needed
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While the pie is baking, scatter a couple of handfuls of flaky coconut on a sheet pan and toast in the oven with the pie, until it is just beginning to brown in the oven. Watch the coconut carefully so it does not get too dark and burn. About 4-5 minutes. Slide the toasted coconut on a plate to cool. Set aside.
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Once finished, cool the pie on a wire rack for 10 minutes then slip off the rim of the tart pan by placing the tart on top of a secure glass, and easily slide the side rim down. This will help prevent the crust from sticking.
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The pie slices easier when it is cool or cold, but tastes best warm. If you wish, completely cool the pie or chill it, then slice the pie into serving pieces and warm in the oven.
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Garnish with toasted coconut flakes and creme fraiche.