Importing general project from existing folder throws Java.lang.NullPointerException

In Titanium Studio and Appcelerator Studio:

File > Import... > General > Existing Folder as New Project

Throws Java.lang.NullPointerException (screenshot #1). From the same dialog selecting Appcelerator/Titanium > Existing Mobile Project will display an incorrect dialog (screenshot #2) and the user will not be able to complete the import.

Close the Import dialog and select Appcelerator/Titanium > Existing Mobile Project again and the correct dialog is displayed (screenshot #3).