1. Preheat the oven to 350°F (175°C) and grease a 9x13 inch baking dish.

2. In a saucepan, combine sweetened condensed milk, evaporated milk, cream cheese, cornstarch, and coconut extract. Cook over medium heat, stirring constantly until the mixture thickens. Set aside to cool slightly.

3. In a mixing bowl, cream together butter and sugar until light and fluffy. Add eggs one at a time, mixing well after each addition. Stir in vanilla extract.

4. Gradually add all-purpose flour and baking powder to the wet ingredients, mixing until well combined.

5. Pour the cake batter into the prepared baking dish. Carefully pour the slightly cooled flan mixture over the cake batter.

6. Bake in the preheated oven for about 45-50 minutes or until the top is golden brown and a toothpick inserted comes out clean.

7. Let it cool completely before serving. Enjoy this decadent Coconut Flan Cake!