How to run `ant` in an out of source way?

Question

Trying to build an Android application, I got to the step where I have to run ant.

The process fails with the following logs:

...
     [echo] ----------
     [echo] Building Libraries with 'release'...
   [subant] No sub-builds to iterate on

-code-gen:
[mergemanifest] Merging AndroidManifest files into one.
[mergemanifest] Manifest merger disabled. Using project manifest only.
     [echo] Handling aidl files...

BUILD FAILED
C:\Android\android-sdk_r24.4.1-windows\android-sdk-windows\tools\ant\build.xml:649: The following error occurred while executing this line:
C:\Android\android-sdk_r24.4.1-windows\android-sdk-windows\tools\ant\build.xml:655: C:\dev\bin\arm-maketest\src does not exist.

Since I am making an out of source build, the src directory ant is looking for exists, but it is somewhere else.

How can I specify this detail to ant?