Combine water and pandan leaves together in a blender; blend until smooth. Strain through a piece of cheesecloth and set aside juice.

Heat ghee over medium-low heat in a saucepan. Add cinnamon. Cook and stir until fragrant, about 1 minute. Add grated coconut, sweetened condensed milk, and pandan juice. Cook and stir until thoroughly combined and coconut sticks together, about 25 minutes.

Place mixture in a round or rectangular pan. Let cool for 10 minutes. Cut into pieces before transferring to a refrigerator. Serve chilled.