In a pan, combine coconut milk, glutinous powder, latik, sugar, water and ube extract. Mix well using a wire whisk. Set aside.
Put on the stove and turn on the heat. Cook the ube mixture until it boils, continue to cook until the mixture becomes very thick.Note: Cook over low heat to avoid sticking on the pan.
Put the cooked ube kalamay in the mold. Spread it around the mold. Brush remaining coconut oil over the ube kalamay. Flatten top using a spoon. Top with margarine and latik.
Let the kalamay cool down for 1 hour. Serve and enjoy!