Add the coconut water and rice in a small pot (I used a 2.8L pot). Bring it to a boil then simmer for 15min.
Add the cornflour in 100ml of the coconut milk and whisk it together. Pour the remaining milk and coconut cream in the pot, bring to a gentle boil (increasing the heat slowly) and then simmer for 20min on a low heat. Take out any foam that may form using a slotted spoon.
After that time add the sugar, desiccated coconut and cornflour mixture. Continue stirring for a further 5min, until it all thickens and is well combined. Take the pot off the heat and stir in the rosewater and vanilla.
Use a ladle to pour the pudding into bowls or ramekins (see notes). Allow the pudding to cool down and then place it in the fridge or you can enjoy it warm as well. I toasted some coconut flakes to add on top but on its own is fine as well.
I have also used shredded coconut and flakes instead of desiccated and it worked well.
I use a measuring jug as it is easier to pour the pudding in the bowls without as much mess.
To avoid too many water droplets forming (especially if you are using a tall glass for presentation) place a piece of paper towel over the top and then cling wrap to secure it tightly.
I separated the coconut rice pudding into 5 glasses to produce 5 servings and there is a sufficient amount in each glass. So depending on the size of your bowls you could even have 6 servings.