Create a build-ext.properties file and fill in the following settings:
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Set portal.dirs to your local liferay codebase. It can be a comma separated list.
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Set the project.dir to your desired location for generated project files
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Set jdk8.home to your jdk8 home. In case your default jdk is jdk8 already, it is optional.
Run ant build for a clean rebuild, run ant add (or just ant, add is the default target) for an increment build.