Geometric wavelet is a recent development in the field of multivariate nonlinear piecewise polynomials approximation. The present study improves the geometric wavelet (GW) image coding method by using the slope intercept representation of the straight line in the binary space partition scheme. The performance of the proposed algorithm is compared with the wavelet transform-based compression methods such as the embedded zerotree wavelet (EZW), the set partitioning in hierarchical trees (SPIHT) and the embedded block coding with optimized truncation (EBCOT), and other recently developed "sparse geometric representation" based compression algorithms. The proposed image compression algorithm outperforms the EZW, the Bandelets and the GW algorithm. The presented algorithm reports a gain of 0.22 dB over the GW method at the compression ratio of 64 for the Cameraman test image.