Place sugar into a 9-inch ring mold and cook over medium-high heat, stirring constantly, until sugar melts and turns golden, about 10 minutes. Let caramel cool and harden, about 20 minutes.

Blend sweetened condensed milk, evaporated milk, eggs, cream cheese, and vanilla extract in a blender until smooth, about 1 minute. Pour mixture over the hardened caramel in the mold and cover with aluminum foil. Pierce the foil in the center hole for steam to circulate.

Place a metal rack inside a large pot over medium heat. Add water to almost reach the rack and bring to a boil. Place the mold on the rack, cover the pot, and steam until the flan is set and firm, about 45 minutes.