A man was arrested in Century City, Milnerton after police discovered just over 3kg of tik (methamphetamine) at an apartment, Western Cape police said.
The drugs had an estimated street value of R1.1m, said Colonel Andrè Traut.
Officers had searched the apartment on Saturday afternoon after receiving information that the suspected drug dealer was using the address as a storage facility.
They also found a substantial amount of money in different currencies, which was confiscated.
The man, 49, was expected to appear in court on Monday.