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In a large bowl, combine flour, sugar, instant yeast, and salt. Whisk to ensure the yeast disperses evenly.
In a separate bowl, whisk together warm milk, condensed milk, and egg. Pour this mixture into the dry ingredients. Add the softened butter last, and mix until a dough forms.
Turn the dough out onto a lightly floured surface and knead for around 10 minutes until soft, slightly sticky, and elastic.
Grease a large bowl and place the dough inside. Cover with a clean towel or plastic wrap and let it rise in a warm area for about 1 hour, or until doubled in size.
Punch down the dough gently and turn it out onto a floured surface. Divide into three equal parts, roll each part into a rope, and braid them tightly. Place the braid into a greased loaf pan.
Cover the braided loaf loosely and let it rise again for 30-40 minutes until puffed up above the rim of the pan.
Preheat your oven to 350°F (175°C). Brush the top of the dough generously with condensed milk. Bake for 25-30 minutes, or until golden brown and sounds hollow when tapped.
Let the bread cool in the pan for 10 minutes, then transfer to a wire rack. Brush with honey butter for added sweetness.