Mix the agar powder and sugar together. Bring the cold water and coconut water to a boil, then gradually add the agar mixture, stirring well to dissolve. Skim off any foam. Once the agar is dissolved, add the sweetened condensed milk one spoonful at a time, add a little food coloring, and pour the jelly mixture into the flower molds. In the round mold, mix in the pandan flavoring and pour in the mixture. Wait for the first jelly layer to set, then mix and pour in the coconut milk jelly layer.

Once the flower petals in the molds have set, gently remove them. When the jelly cake in the round mold has set, remove it and arrange the flower petals on top. Decorate with graduation-themed items for your child. Kids will love this jelly cake—it's a delicious and hygienic way to celebrate their graduation!