Preheat the oven to 180°C (350°F) standard / 160°C (320°F) fan-forced. Prepare an 8-inch square pan with baking paper, leaving overhang for easy removal.
Mix sugar, flour, and coconut in a bowl. Add melted butter and combine until mixture resembles wet sand.
Press the mixture into the pan to form an even layer. Bake for 12 minutes until slightly golden. Set aside.
In a saucepan, combine condensed milk, butter, and syrup. Cook until golden and thickened, stirring constantly.
Pour caramel over the crust and bake for another 12 minutes. Let it cool.
Melt chocolate in the microwave, add oil, and pour over the caramel. Chill in the fridge for 2 hours.
Cut into squares and serve.