<project name="Some Project" default="all" basedir=".">
    <target name="all" depends="init"/>
    <target name="init properties">
        <property name="one" value="ONE"/>
        <property name="three" value="${one}"/>
    </target>
    <target id="id" name="init" depends="init properties">
        <property name="two" value="${<ref>one}"/>
    </target>
</project>