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under project -> properties -> source output folder can be change but only to a directory under the project tree this is a problem with project living on networked disk or SCM, because it means creating classes on a network disk, building locally would allow x10 speedup modifying the .classpath manually doesnt work either
Eclipse allows you to mount any arbitrary folder in project subtree as linked to an external one (see folder creation wizard, under 'advanced' you can select the location in file system). This way the output folder can point at any location.