In a medium saucepan, combine the sugar and water. Heat over medium-high heat until the mixture begins to boil, stirring occasionally.
Reduce heat to medium-low and cook for 5 minutes, stirring occasionally.
Add the heavy cream and whole milk to the pan and stir to combine. Cook for an additional 10 minutes, stirring occasionally, until the mixture has thickened and reduced by about half.
Remove the pan from heat and let cool for 10 minutes. The mixture should thicken further as it cools.
Transfer the mixture to a container and let cool completely before using or storing.
Interesting Facts
Sweetened condensed milk is a great addition to coffee, tea, and hot chocolate.
It can be used in baking recipes to add sweetness and richness.
It can also be used as a topping for cakes, pies, and other desserts.
It will keep in the refrigerator for up to a week.