Preheat the oven to 170C. Properly greased every part of the bundt pan with soften butter. Sprinkle flour over the buttered pan and knock out the excess. Set aside. Add baking powder to the flour and sift twice. Set aside.
Place butter and sugar in the bowl of the stand mixer fitted with the paddle attachment. Cream at medium low speed for no more than 3 minutes. The mixture should be lighter and look pale.
Add the egg yolks one by one, mixing well after each addition on low speed. Add in vanilla extract/paste, almond extract and condensed milk. Cream for another 30 seconds to combine.
Add 1/3 of the flour and mix on the lowest speed for 10 seconds. Scrap down the sides of the bowl. Add in half of the milk and mix for another 10 seconds. Its ok if the batter looks not thoroughly mixed. The key is not to overmix. Repeat with another 1/3 of the flour and the balance milk. Remove the bowl from the stand mixer and add in the remaining flour. Using a large spatula, fold the flour into the batter, scraping down the sides and bottom of the bowl until all the flour incorporated. Stop and set aside.
Using either the stand mixer with the whisk attachment or the hand mixer, whip the egg whites until foamy. Add in half of the sugar and whip on medium speed till creamy. Add the remaining half and whip till medium peaks form. Meringue should look creamy, glossy but firm.
Fold 1/3 of the meringue into the cake batter until incorporated. Gently fold in remaining meringue until everything is properly incorporated. Check by scooping the batter from the bottom up. Should not see any unmixed merignue. Try not to over mix.
Pour batter into prepared bundt pan. Tap the pan a few times on a counter top line with a piece of folded cloth to ensure the batter fill in every crease of the bundt pan and to knock out large air bubbles (the cloth is to protect the pan). The batter should level evenly after a few taps.
Bake in the middle of the oven for 30 to 35 minutes. Test with a cake tester or a satay stick. The stick should come out clean. Otherwise bake for another 5 to 10 minutes. Baking time depends on the type of pan used and oven. Once remove from the oven, tap the pan once or twice on the counter top and allow it to sit for a few minutes before unmoulding. Important note: It is easier to unmould the cake from a bundt pan while it is still hot. However, do give it a few minutes to settle in before unmoulding.