In a large bowl, whisk together flour, sugar, baking powder and salt. In a separate bowl, whisk together milk, butter, and eggs. Add wet mix to dry mix and stir until just combined. Fold in macadamia nuts.
Heat a griddle or large skillet on medium heat (approx. 350 degrees F).
Spray griddle or skillet with nonstick cooking spray. Spoon batter onto griddle or skillet using a 1/2 cup measuring cup and spread into a circle.
Cook pancakes for a few minutes on each side, or until golden brown.
In a saucepan (over no heat), whisk together coconut milk and cornstarch until smooth.
Turn the heat to medium, then slowly whisk in sugar, salt, corn syrup, and shredded coconut. Stir continuously until the mixture starts to thicken (almost boiling).
Remove from heat and stir in vanilla and coconut flavoring. The syrup will continue to thicken as it cools.
Heating your griddle to the correct temperature is crucial. If it’s too hot, the outsides will burn and the middle will be dry.