Combine warm milk, sugar, and instant yeast in a mixing bowl. Allow it to sit for 5 minutes until foamy.

In a large bowl, whisk together the flour and salt. Add the yeast mixture, sweetened condensed milk, egg, and softened butter, stirring until combined.

Knead the dough by hand for 8-10 minutes or using a stand mixer with a dough hook for 5-7 minutes until smooth and elastic.

Form the dough into a ball, place it in a greased bowl, cover, and let it rise in a warm spot for 30-45 minutes, or until doubled in size.

Punch down the risen dough, transfer it to a floured surface, and shape it into a loaf or divide into 8 pieces and shape them into balls.

Place shaped dough in a greased loaf pan or on a baking sheet, cover, and let rest for 15-20 minutes.

Preheat the oven to 350 degrees F (175 degrees C). Brush the top of the dough with egg wash made from egg yolk and milk.

Bake for 25-30 minutes, or until the top is golden brown. Allow to cool in the pan for 10 minutes, then transfer to a wire rack.

Slice and enjoy warm or at room temperature. Pairs well with butter or honey.