
Combine the water and sugar in a medium microwave-safe bowl. Heat in the microwave for 2 minutes at 100% power. Stir until the sugar dissolves and add the coconut extract. Chill in the refrigerator.
Bring water to a boil, add boba and cook for 7 minutes. Let stand for 5 minutes. Rinse with cool water, then soak in the chilled simple syrup until cool.
Pour boiling water over butterfly pea flowers in a container and steep for 10-15 minutes. Strain and cool the tea.
Mix coconut milk and sweetened condensed milk until smooth.
Add boba to glasses, pour in coconut milk mixture, add ice, and top with butterfly pea flower tea. Stir before serving.