In a stand mixer bowl, dissolve the sugar in ⅓ cup of the water. Sprinkle on the yeast, stir to combine, and let sit for about 3 minutes.

Add the remaining ⅔ cup water and the sweetened condensed coconut milk, coconut oil, and salt. Using the paddle attachment, run the machine on 'stir' or low for about 15 seconds to combine. Pause and add the flour. Run the machine on low for about 1 minute, or until a shaggy dough forms. Let sit uncovered for 5 minutes.

Grease a medium or large bowl with coconut or regular oil and set aside.

Remove the paddle attachment and attach the dough hook. Run the mixer on medium for several minutes to combine the dough into a smooth, elastic dough. Transfer the dough onto a lightly floured work surface and knead for about 1 minute to form a smooth round shape.

For hand kneading, combine the ingredients in a large bowl using a sturdy spatula and stir in the flour. Rest the shaggy mixture, then knead in the bowl, and when it comes together, transfer to a lightly floured work surface. Knead for 8 to 10 minutes until smooth and elastic.

Put the dough into the greased bowl, cover with plastic wrap, and let rise in a warm, draft-free place until doubled in size, about 1 hour. Punch down the dough, fold the corners to the center, flip the dough over, recover, and let rise again for about 45 minutes. Alternatively, refrigerate overnight and bring to room temperature before shaping and baking.

Grease a 9-inch square baking pan. Optionally line the bottom with parchment paper.

Turn the dough onto the work surface, cut in half. Shape one half into a rope about 1 ½ to 2 inches wide and cut crosswise into 6 pieces. Roll each piece into a ball and tuck the edges toward the center. Place seam side down in the baking pan, arranging them in rows. Repeat with the other half of the dough.

Cover with plastic wrap and let rise in a warm spot until doubled, about 1 hour. Preheat the oven to 350°F about 15 minutes before baking. Brush with half of the diluted sweetened condensed coconut milk.

Bake for 20 to 25 minutes, until golden brown on top. Cool on a rack for 5 minutes before brushing with the remaining diluted sweetened condensed milk. Let cool for 20 to 30 minutes before removing from the pan.