Activate yeast mixture:

In a bowl, stir together warm milk, warm water, and instant yeast; allow to foam for about 5 minutes.

Combine wet ingredients:

Mix in sweetened condensed milk, sugar, butter, and egg until well combined.

Add flour and salt:

Slowly add flour and salt, mixing until a sticky dough forms.

Knead dough until smooth:

Turn onto a floured surface and knead for 8–10 minutes until smooth and elastic.

First rise until doubled:

Transfer to a greased bowl, cover, and let rise until doubled in size, 1–2 hours.

Shape into loaf:

Deflate the dough, then shape into a loaf or rolls on a parchment-lined baking sheet.

Second rise and preheat:

Cover and let rise again for 30–45 minutes; meanwhile preheat oven to 350°F (175°C).

Brush and bake:

Brush with beaten egg wash and bake for about 15 minutes until golden brown.