Preheat your oven to 325°F (163°C). Grease and flour a bundt pan, ensuring even coverage.
In a mixing bowl, cream butter and cream cheese together until light and fluffy, about 4–5 minutes. Gradually add sugar, beating well until incorporated.
Add eggs one at a time, beating after each addition. Mix in vanilla extract.
In a separate bowl, sift together cake flour, baking powder, and salt. Gradually add dry ingredients to the wet mixture, mixing until just combined.
Pour the batter into the prepared bundt pan, smoothing the top. Bake for 75–85 minutes, or until a toothpick inserted into the center comes out clean.
Let the cake cool in the pan for 10 minutes, then transfer to a wire rack to cool completely.
Prepare the vanilla glaze by whisking powdered sugar, vanilla extract, and enough heavy cream to achieve the desired consistency.
For the guava glaze, blend guava with water until smooth. Strain into a saucepan, then stir in sugar, corn starch, and vanilla.
Cook over medium heat until the mixture thickens, about 5–7 minutes. Allow it to cool slightly.
Drizzle both glazes over the cooled cake. Serve and enjoy the moist, tropical flavors!