Preheat the oven to 350ºF. Grease and flour a loaf pan. Beat sugar and eggs. Add oil, whipping cream and vanilla. Mix to combine. Add flour, baking powder and flaked coconut. Mix until well combined.
Pour the batter into the prepared loaf pan and bake for about 30-40 minutes or until a toothpick inserted in the center comes out clean. Let cool.
For the glaze: mix powdered sugar, butter and water adding as much water until desired consistency. Drizzle the glaze onto the cooled cake and sprinkle with flaked coconut.
