Index: src/sdk/compilercommandgenerator.cpp
===================================================================
--- src/sdk/compilercommandgenerator.cpp    (revision 3398)
+++ src/sdk/compilercommandgenerator.cpp    (working copy)
@@ -238,13 +238,6 @@
     FixPathSeparators(compiler, tmpObject);
     FixPathSeparators(compiler, tmpFlatObject);
 
-    if (target)
-    {  // this one has to come first, since wxString::Replace, otherwise $object would go first
-        // leaving nothing to replace for this $objects_output_dir
-        tmp = target->GetObjectOutput();
-        FixPathSeparators(compiler, tmp);
-        macro.Replace(_T("$objects_output_dir"), tmp);
-    }
     macro.Replace(_T("$compiler"), compilerStr);
     macro.Replace(_T("$linker"), compiler->GetPrograms().LD);
     macro.Replace(_T("$lib_linker"), compiler->GetPrograms().LIB);
@@ -257,6 +250,14 @@
     macro.Replace(_T("$libs"), m_LDAdd[target]);
     macro.Replace(_T("$file"), tmpFile);
     macro.Replace(_T("$dep_object"), tmpDeps);
+    if (target)
+    {  // this one has to come before $object, otherwise $object would go first
+       // leaving nothing to replace for this $objects_output_dir,
+       // and after $options because $objects_output_dir may be in compiler flags ($options).
+        tmp = target->GetObjectOutput();
+        FixPathSeparators(compiler, tmp);
+        macro.Replace(_T("$objects_output_dir"), tmp);
+    }
     macro.Replace(_T("$object"), tmpObject);
     macro.Replace(_T("$resource_output"), tmpObject);
     if (!target)