Preheat oven to 350 degrees F (175 degrees C).

Beat white sugar, butter, and shortening together in a bowl using an electric mixer until creamy. Mix in almond extract. Add flour in batches, kneading the dough to thoroughly combine.

Roll dough into walnut-size balls and place 2 inches apart onto baking sheets. Make a well in each cookie with a wooden spoon handle. Sprinkle colored sugar, sprinkles, and guava paste into the wells.

Bake in the preheated oven until lightly golden, 16 to 20 minutes.