Grease a 7 or 8-inch square pan with oil or non-stick spray. Line the pan with parchment paper and set aside.
In a large bowl, add half of the condensed milk, half of the icing sugar, and vanilla extract, stir well until combined.
Next, add half of the desiccated coconut, mix well until combined. You may use your hands the mix thoroughly if it gets difficult to mix.
Press the white mixture over the base of the pan, smooth out the surface with an offset spatula or your hands. Set aside.
Wipe out the bowl, and add the remaining condensed milk, icing sugar, along with the pink food color, and rose essence, stir well until combined.
Next, add the rest of the desiccated coconut, mix well until combined.
Press the pink mixture over the white layer, smooth out the surface with an offset spatula or your hands.
Cover the pan with a cling film or aluminum foil. Refrigerate overnight. It usually sets in 2-3 hours, but for best results refrigerate it overnight. You may also let it air-dry, uncovered, at room temperature.
Lift the parchment paper out of the pan. Let the coconut ice stand at room temperature for 5-10 minutes. Cut into desired sized pieces.