Cendol is one of those desserts that feels innocent because most of the bowl is shaved ice. But under the ice is coconut milk and a generous pour of gula melaka syrup. That combination of coconut fat and palm sugar is where the 330 calories come from. The green jelly and the ice are basically free. The sauce is the whole story.
Add ons make it worse fast. Pulut (glutinous rice), red beans, sweet corn, durian, each one stacks more sugar and carbs on top. A loaded cendol can hit 450 calories easy. As a once in a while treat it is fine. Just do not think of it as a light afternoon snack, because it is not.
Break the bowl down and the villain is obvious. The shaved ice is zero. The green pandan jelly is nearly nothing. The gula melaka syrup is around 55 calories per tablespoon and a standard bowl gets two to three tablespoons, plus the santan pour on top. You are basically drinking sweetened coconut cream through ice.
Cendol versus ais kacang is a common question and the answer is: same neighbourhood. A standard ABC runs around 280 to 300 with its syrups and evaporated milk, cendol around 330 with santan and gula melaka. Neither is a light option. Pick whichever one you actually love and count it properly.
My personal rule from the losing weight days: dessert replaces a drink, it does not join one. If cendol is happening, the drink is plain water. Cendol plus teh tarik in one sitting is 460 calories of pure sugar, which is more than a full bowl of bak kut teh, for zero fullness.