On The Light
A DIY gu10-bulb based fixture like the ones I have built (
and the ones profiled here) can be that cheap. Given the budget you have defined I would definitely consider building one. Definitely read at least the first post of that thread to see if it looks interesting.
As a minimum, you could build a 12" fixture just to light up that coral (building a bigger fixture later, recycling these parts into it). That would only take five bulbs (three white; two blue) and five sockets. Bulbs can be as little as $1.50. Sockets as little as $0.50, but you can easily find bulbs for $3 and sockets for $1 - still a fine deal. (Some folks elect for bulbs that cost up to $5-$7 for different reasons...somethings you can consider for that bigger fixture later.)
That's $20 in parts for a twelve inch fixture that'll grow SPS. You supply (at minimum) an extension cord and something to mount the sockets onto. (See that first thread for lots of ideas....but stick to the standard design for bulb layout.)
Also, get a [HASHTAG]#lux[/HASHTAG] [HASHTAG]#meter[/HASHTAG] so you can stop guessing about the lighting levels on your tank.

(Check out those tags)
Most corals seem happy when a tank gets moderate light levels around 40,000-50,000 lux....however most corals also seem to tolerate from 20,000 to 80,000 lux very well. Many corals will be even fine with 10,0000-20,000 lux. More is almost never better...
On The Coral
From Corals Of The World:
http://coral.aims.gov.au/factsheet.jsp?speciesCode=0135
Habitat: Usually occurs in water over 20 metres deep, attached to a solid substrate but in areas where soft sand predominates.
You can presume they will love blue-heavy light and moderate flow from this....no red light that low and no sand in high-flow/high-turbulence zones.
One of the ideal reef tank corals IMO!
