Activate the yeast by combining warm milk, sugar, and instant yeast in a small bowl. Let it sit for 5 minutes until frothy.

Mix the dough by whisking flour and salt in a large bowl, then adding the activated yeast mixture, condensed milk, egg, and softened butter. Mix until combined, then knead for 8-10 minutes.

Let the dough rise in a greased bowl covered with a towel for 30-45 minutes until doubled in size.

Shape the dough by punching it down, dividing it into portions, and resting for 15-20 minutes.

Preheat the oven to 350°F (175°C). Place dough in a greased pan, brush with egg wash, and bake for 25-30 minutes.

Cool the bread in the pan for 10 minutes, then transfer to a wire rack to cool completely.