> Yes. `org-property-values' does the trick
> 
> 
> * Subtree
> :PROPERTIES:
> :DUMMY: Value
> :END:
> 
> #+BEGIN_SRC shell :var dumdum=(car (org-property-values "DUMMY"))
> echo $dumdum
> #+END_SRC
> 
> #+RESULTS:
> : Value
> 
> #+NAME: get-property
> #+BEGIN_SRC emacs-lisp :var prop="prop"
> (org-property-values prop)
> #+END_SRC
> 
> #+BEGIN_SRC emacs-lisp :noweb yes
> (quote
> <<get-property(prop="DUMMY")>>
> )
> #+END_SRC
> 
> #+RESULTS:
> | Value |
> 
> HTH,
> 
> Chuck
> 

Thank you so much for the reply - this would be very useful. Would there be, however, a way to directly replace some place holder inside a source code block? The reason is I have to put those values inside a comment, so I cannot pass them as variables.
Best,Joon