Preheat oven to 350°F (175°C) and line a 12-cup muffin pan with cupcake liners.

In a medium bowl, whisk together the flour, baking powder, and salt. Set aside.

In a large bowl, beat the softened butter, oil, and granulated sugar on medium-high speed until light and fluffy, about 3-4 minutes.

Beat in the eggs one at a time, followed by the vanilla and coconut extracts.

On low speed, add the dry ingredients in three additions, alternating with the coconut milk in two additions, beginning and ending with the dry ingredients. Mix until just combined.

Gently fold in the 1/2 cup of shredded coconut by hand.

Divide batter evenly among the liners, filling about 2/3 full. Bake for 16-20 minutes until a toothpick inserted in the center comes out clean.

Cool in the pan for 5 minutes, then transfer to a wire rack to cool completely.

For the frosting, beat the softened butter for 5 minutes until pale and creamy. Gradually add powdered sugar, coconut extract, vanilla, salt, and coconut milk. Beat until light and fluffy.

Pipe the frosting onto cooled cupcakes, sprinkle edges with shredded coconut, and top each with a fresh raspberry.