Put up as said to be advertised (5)
I believe the answer is:
build
'put up' is the definition.
(put up can mean to build or erect)
'said to be advertised' is the wordplay.
'said to be' indicates a 'sounds like' (homophone) clue.
'advertised' becomes 'billed' (billing is a kind of advertizing).
'billed' sounds like 'BUILD'.
'as' acts as a link.
(Other definitions for build that I've seen before include "Construct" , "Create" , "Increase gradually" , "Put up" , "Institute" .)