Preheat oven to 180°C (350°F).
In a small pot, place the sugar and water and stir to dissolve. Cover with a lid and cook over medium high heat, swirling occasionally until the caramel starts to form and you see an light amber color. Continue to cook to achieve a caramel color. Quickly pour the caramel in the pan and swirl to coat the bottom.
In a blender, add the ingredients for the custard and pulse for a few seconds. Strain the custard mixture through a fine sieve and into the prepared pan.
Transfer a bigger pan to the oven, place the prepared pan with the custard inside and add enough water to come halfway up the sides of the pan.
Cover the pan loosely with a silicone baking mat or aluminum foil and bake for 35-40 minutes or until the custard is set on the edges and a little jiggly on the center.
Remove the pan from the hot water, and remove the baking mat from the top and let it reach room temperature before refrigerating until cold, preferably overnight.
To release from the pan, first run a sharp knife on the edge of the pan and invert carefully onto a serving plate.
Serve cold.