In a large saucepan, heat up the water until it comes to a boil. Pour in the Agar-agar powder and stir until it dissolves.
Pour in the the condensed milk and stir again until it becomes thick.
Pour the agar-agar mixture into the mold and cool to room temperature. Once it’s cooled, refrigerate overnight.
To serve, gently push the Agar-agar so that it will separate from the pan. Put the serving plate on top and invert it. Serve as is or with fruit cocktail.