In a large mixing bowl, stir together 1 teaspoon of the sugar, the warm milk, and the yeast.
Let stand until foamy, about 5 minutes.
Add 1 and 1/2 cups of flour, the remaining sugar, salt, condensed milk, and butter, then use a wooden spoon to stir the ingredients together.
Gradually sprinkle some of the reserved flour, a little at a time, to help with the stickiness.
Keep stirring until a soft, sticky dough gathers in the center of the bowl.
You may not need the entire reserved flour at this point.
Generously flour a working board using the remaining flour.
Turn the dough over onto the board.
Knead the dough for 6-10 minutes, dusting more flour in the board and in your hands as needed.
Once the dough is smooth and elastic, shape it into a ball and place in a bowl.
Cover the bowl with a clean kitchen towel and let the dough rise for 1 and 1/2 hours.
While the dough is rising, make the condensed milk filling.
Stir together softened butter and condensed milk until it turns into a paste.
It is important that the butter is very soft and the condensed milk is at room temperature.
Butter a 9x5 inch loaf pan.
Punch the dough down and roll it into a 12 x 8 inch rectangle.
Spread the condensed milk filling across the surface of the dough.
Using a sharp knife or a pizza cutter, cut the dough vertically into 4 sections, forming 4 long strips.
Stack the strips together, the filling side up.
Cut the stacked dough into 8 sections.
You now have 8 stacked rectangular dough portions.
Arrange the dough portions in the greased loaf pan, with the long sides of the dough facing up.
It is fine if a small space is vacant in the pan, it will be filled up once the dough rises.
Let it rise for about an hour, covered loosely with a kitchen towel.
Preheat oven to 325 F.
Top the dough with raisins, sliced almonds and maraschino cherries.
Bake the bread at 325 F for 20 minutes, then lower the temperature to 300 then bake for 10-12 minutes more, or until the bread is golden.
Sprinkle the cherries and blanched almonds for garnish.
To serve, cut into slices or pull-apart.