Build failing when trying to make target libjscore.a using -prefix and sub-plugins-install

I am trying to do the following on qt-everywhere-opensource-src-4.7.0.tar.gz (also tried qt.git#4.7)

$> ./configure -prefix /tmp/qt-prefix/build

configure runs correctly.

$> make sub-plugins-install_subtargets-ordered install_qmake install_mkspecs

the build fails with the following error

make[1]: *** No rule to make target `../JavaScriptCore/release/libjscore.a', needed by `../../../../lib/libQtWebKit.so.4.7.0'. Stop.
make[1]: *** Waiting for unfinished jobs....
make[1]: Leaving directory `xxx/qt-4.7/src/3rdparty/webkit/WebCore'
make: *** [sub-webkit-install_subtargets-ordered] Error 2

This is a regression from qt-4.6.0 where it works correctly.