Eclipse CDT C++ Makefile project path problem

I can't build my C++ Makefile project when it's connected to Jazz source control. I think the problem is in the current working directory.

If I replace "make" command with "bash -c pwd" I can see in the console:

When the project is disconnected from RTC/Jazz source control:
10:40:43 **** Build of configuration Default for project soam ****
bash -c pwd
/data/alexeyz/src/soam/soam
10:40:44 Build Finished (took 80ms)

When it's connected (Team->Share Project..->Jazz Source Control...), the current directory is my home directory (from where eclipse was started):
10:41:42 **** Build of configuration Default for project soam ****
bash -c pwd
/home/alexeyz
10:41:42 Build Finished (took 73ms)

That's Eclipse Juno SR2 with all updates and RTC plugin (3.1.500v20130804_0220). OS is RHEL 6 x86_64. I see no other errors or warnings. Changing "Build location" parameter in C++ Build Settings (it's ${workspace_loc:/soam}/ ) doesn't make any effect.

------------------------------------------

Can't post screenshots in the comments, so I put them here:

This is a default "C++ Makefile project", no changes were made. CDT executes a command ("make" or you could override - I ran "bash -c pwd") in Build location directory. When Jazz source control is enabled the command executed in eclipse's work directory instead. Looks like a bug.

Here are some screenshots:

You could see PWD and CWD are set properly:
 

This is when Jazz source control is enabled (executed in wrong directory):
 

And this is after I disconnected Jazz source control (directory is fine):