Whip cream: In a large mixing bowl, add the heavy cream and ube extract. Use an electric hand mixer fitted with a whisk attachment to beat the cream until it becomes stiff peaks.
Fold in condensed milk: Slowly drizzle the condensed milk into the cream while folding it in with a spatula in your other hand until no streaks remain. Don't overmix as you don't want to deflate all the air in the whipped cream.
Freeze: Pour this mixture into a loaf pan. Cover tightly with plastic wrap and freeze overnight.
Scoop: When serving, run your ice cream scooper under hot water and pat dry before scooping.