Begin by placing 1 cup of sugar in a heavy-bottomed saucepan over medium heat. Stir gently until the sugar melts and turns a deep amber color, about 10-15 minutes. Be cautious of bubbling as you slowly pour in ½ cup of hot water while stirring constantly until fully dissolved. Remove from heat and set aside to cool slightly.

In a large mixing bowl, sift together 2 cups of all-purpose flour, 1 teaspoon of baking soda, and a pinch of salt. In a separate bowl, combine 3 beaten eggs, 1 cup of condensed milk, and ½ cup of melted butter. Mix well until everything is well incorporated, ensuring a smooth texture before moving on.

Slowly add the egg mixture into the dry ingredients, whisking until just combined. Gradually pour in the cooled caramel syrup, folding it into the batter to achieve a uniform consistency.

Allow the prepared batter to rest for 15 minutes at room temperature.

While the batter rests, preheat your oven to 350°F (175°C). Grease a 9-inch round cake pan with butter or oil to prevent sticking.

Once the oven is heated and the batter has rested, pour it into the prepared cake pan, using a spatula to smooth the top. Bake for 45-50 minutes or until a skewer inserted into the center comes out clean.

After baking, let the cake cool in the pan for about 10 minutes. Carefully transfer it to a wire rack to cool completely.