Unable to create Switchyard Project as OSGi Bundle on JBDS 8

Issue

• I tried to create Switchyard Project as an OGSi bundleby checking the OSGI Bundle checkbox in the create project wizard. However, I get below error message.

Errors occurred while creating project

java.lang.NullPointerException
    at org.switchyard.tools.ui.operations.CreateSwitchYardProjectOperation.createBundlePlugin(CreateSwitchYardProjectOperation.java:800)
    at org.switchyard.tools.ui.operations.CreateSwitchYardProjectOperation.createBuildSection(CreateSwitchYardProjectOperation.java:725)
    at org.switchyard.tools.ui.operations.CreateSwitchYardProjectOperation.createPom(CreateSwitchYardProjectOperation.java:710)
    at org.switchyard.tools.ui.operations.CreateSwitchYardProjectOperation.run(CreateSwitchYardProjectOperation.java:373)
    at org.eclipse.core.internal.resources.Workspace.run(Workspace.java:2313)
    at org.eclipse.core.internal.resources.Workspace.run(Workspace.java:2295)
    at org.switchyard.tools.ui.wizards.NewSwitchYardProjectWizard$2.run(NewSwitchYardProjectWizard.java:143)
    at org.eclipse.jface.operation.ModalContext$ModalContextThread.run(ModalContext.java:122)

• I have a JBoss Fuse on Karaf runtime set up in JBDS but when I try to create a new project, it is not available in the list of Target Runtimes