In a large mixing bowl, combine the all-purpose flour, instant yeast, granulated sugar, and salt. Stir thoroughly to ensure the dry ingredients are evenly distributed.

In a separate bowl, whisk together the warm milk, sweetened condensed milk, softened butter, egg, and warm water until smooth.

Gradually pour the wet mixture into the dry ingredients, stirring with a wooden spoon or your hands until a sticky dough begins to form.

Transfer the dough onto a lightly floured surface and knead for 8 to 10 minutes, or until it becomes smooth, soft, and elastic.

Shortcut: You can use a stand mixer fitted with a dough hook and knead on medium speed for 5 to 6 minutes.

Shape the kneaded dough into a ball, place it in a greased mixing bowl, and cover it with plastic wrap or a damp cloth. Allow it to rise in a warm, draft-free area for 1 to 1½ hours, or until it has doubled in size.

Once the dough has risen, punch it down gently to release any trapped air.

Divide the dough into 8 to 10 equal-sized pieces and roll each into a smooth ball. Arrange the dough balls in a greased 9-inch (23 cm) round or square baking pan so they are just touching.

Cover the pan loosely with plastic wrap or a damp cloth and let the dough rest and rise again for 30 to 40 minutes, or until the rolls appear puffy and light.

Preheat your oven to 350°F (175°C).

Brush the tops of the dough balls with the prepared egg wash to give them a glossy, golden finish once baked.

Place the pan in the preheated oven and bake for 20 to 25 minutes, or until the tops are golden brown and the bread sounds hollow when gently tapped.

Remove the bread from the oven and let it cool in the pan for about 10 minutes.

Then carefully transfer the rolls to a wire cooling rack to cool completely.

Enjoy the bread warm or at room temperature, served plain or with your favorite spread.