I'm assuming you don't have space or volume constraints.
That aside, I say get the acoustic set. For your budget, I'd suggest you go for the Peace Demolition. DO NOT go for brands like Carlos and such, seriously, for the reasons already mentioned above.
Why the acoustic set, and not an electronic set?
Firstly, assuming you have neither space nor volume constraints, it'd be good for your development; technically and musically.
I recently had my first lesson with Alvin at Music Lab, and he mentioned a whole lot of very beneficial stuff about practising on an actual acoustic kit. He mentioned that practising your strokes (rudiments) on a snare is way better as compared to playing on, say, a practice pad. Why? It's so much easier to hear your mistakes and whatnots! And once you've identified your mistakes, you can go about rectifying them and thus, you'll improve.
Besides, practising on an acoustic kit, you can work on your dynamics, your movement around the kit, grooves and so on. Not that you can't do it on an electronic/practice-pad kit, but I play on an e-kit quite a bit and I'm not particularly satisfied with it so I always look forward to playing my acoustic kit at home. Such alternatives just don't cut it for me. With the acoustic kit and cymbals, you have way more avenues than when practising on a e-kit.
IMHO, $0.02.
[EDITED] Just read the above post, my apologies. Seems like you've got space constraints after all. I still maintain that you should get an acoustic kit.
BUT
Are you planning to do drumming long term? Or is it just a phase you're going through? Sorry if I'm being harsh, but we were all in Sec 2 once a upon time so we know how it is.