ESP-IDF v5.0.1 build error

[Siach1998]

Hi everyone,
This is my first time asking a question in this forum, so please excuse me if I'm not communicating well.
Yesterday I installed Espressif's VSCode extension and download the ESP-IDF v5.0.1 and the IDF-Tools. Everything was installed without any problem. However, when I try to build an example project ( I tested HelloWorld and blink), I get the following error:

CMake Error at build.cmake:326 (file):
file failed to open for writing (No such file or directory):
{Project Directory}/build/
Call Stack (most recent call first):
C:/Users/student/esp/esp-idf/tools/cmake/component.cmake:212 (__build_write_properties)
C:/Users/student/esp/esp-idf/tools/cmake/build.cmake:553 (__component_get_requirements)
C:/Users/student/esp/esp-idf/tools/cmake/project.cmake:440 (idf_build_process)
CMakeLists.txt:6 (project)

So I checked this line in the build.cmake file and to my understanding, it is trying to write to a file named build_properties.temp.cmake. I also have PlatformIO on my system and I checked these lines from build.cmake file, they are identical and PlatformIO creates this file automatically during it's build process.
I have no idea why is this happening, so appreciate your help very much.
I also went through the CMakeOutput.log but couldn't see any errors in there, although I'm not an expert in CMake.
Here is the complete build process from the terminal:

Executing task: cmake -G Ninja -DPYTHON_DEPS_CHECKED=1 -DESP_PLATFORM=1 -S d:\projects\idf\hello_world -B d:\projects\idf\hello_world\build

-- Found Git: C:/Users/student/.espressif/tools/idf-git/2.30.1/cmd/git.exe (found version "2.30.1.windows.1")
-- The C compiler identification is GNU 11.2.0
-- The CXX compiler identification is GNU 11.2.0
-- The ASM compiler identification is GNU
-- Found assembler: C:/Users/student/.espressif/tools/xtensa-esp32-elf/esp-2022r1-11.2.0/xtensa-esp32-elf/bin/xtensa-esp32-elf-gcc.exe
-- Detecting C compiler ABI info
-- Detecting C compiler ABI info - done
-- Check for working C compiler: C:/Users/student/.espressif/tools/xtensa-esp32-elf/esp-2022r1-11.2.0/xtensa-esp32-elf/bin/xtensa-esp32-elf-gcc.exe - skipped
-- Detecting C compile features
-- Detecting C compile features - done
-- Detecting CXX compiler ABI info
-- Detecting CXX compiler ABI info - done
-- Check for working CXX compiler: C:/Users/student/.espressif/tools/xtensa-esp32-elf/esp-2022r1-11.2.0/xtensa-esp32-elf/bin/xtensa-esp32-elf-g++.exe - skipped
-- Detecting CXX compile features
-- Detecting CXX compile features - done
-- Project is not inside a git repository, or git repository has no commits; will not use 'git describe' to determine PROJECT_VER.
-- Building ESP-IDF components for target esp32
CMake Error at C:/Users/student/esp/esp-idf/tools/cmake/build.cmake:326 (file):
file failed to open for writing (No such file or directory):

D:/projects/idf/hello_world/build/
Call Stack (most recent call first):
C:/Users/student/esp/esp-idf/tools/cmake/component.cmake:212 (__build_write_properties)
C:/Users/student/esp/esp-idf/tools/cmake/build.cmake:553 (__component_get_requirements)
C:/Users/student/esp/esp-idf/tools/cmake/project.cmake:440 (idf_build_process)
CMakeLists.txt:6 (project)


-- Configuring incomplete, errors occurred!
See also "D:/projects/idf/hello_world/build/CMakeFiles/CMakeOutput.log".

* The terminal process "C:\Windows\System32\WindowsPowerShell\v1.0\powershell.exe -Command cmake -G Ninja -DPYTHON_DEPS_CHECKED=1 -DESP_PLATFORM=1 -S d:\projects\idf\hello_world -B d:\projects\idf\hello_world\build" terminated with exit code: 1.