Add gelatin to 1/4 cup coconut water to bloom. Set aside.
Simmer remaining coconut water (about 3/4 cup) with sugar and green food coloring. Stir in gelatin mixture. Gently simmer until dissolved. Pour into a container. Set aside to cool. Cut into cubes.
Combine Nestlé All Purpose Cream and condensed milk. Add gelatin and shredded coconut. Mix well and refrigerate overnight. Serve well chilled.