In a heavy saucepan dissolve the sugar in the water over medium heat. Once the sugar is begins to dissolve, increase the heat to high and bright to a boil. Reduce the heat to low. Keep the sugar-water mixture on low heat until it creates a thick syrup. Add in the fresh coconut and stir with a spoon.
While continuing to stir the mixture, slowly add in the condensed milk. After about 30 seconds, turn off the burner. Let the mixture cool.
While the mixture is cooling, grease a large baking sheet with oil or cooking spray. Once the mixture reaches room temperature, place a tablespoon of the cocada mixture onto the baking sheet, one spoonful at a time. Place the baking sheet in the fridge to cool and harden for about one hour.
After one hour, use a spatula to loosen the bottom of the cocada from the baking sheet to make sure the cocada does not stick. Then, stick the cocada back in fridge again for about 30 minutes so that it completely cools. Serve cold or at room temperature.
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