The drug haul was found during a planned raid at Hollycroft Avenue property, off the Beersbridge Road on Monday.
However, no arrests were made.
Det Insp Andy Dunlop of the Organised Crime Branch said: “This seizure further reinforces our determination to remove controlled drugs from the streets of Northern Ireland.
“The potential harm to the public caused by drugs is an issue that the PSNI take seriously.”
He said police would continue to work to ensure the closure of all supply routes and bring to justice those who are trafficking drugs.
Anyone with information about any form of drug dealing is asked to contact police on 0845 600 8000.