UPENN Chem Camp

Is the UPenn Chemistry Research Camp prestigious? Will it help with admission into UPenn? Lastly, will it look as good as someone who has developed their own science research project with the help of a mentor?

Prestigious? Don’t know, and to be honest, don’t care.
Help with admission? Barely.
Any of the following would be significantly better and cheaper than the camp:
– Taking AP / IB Chemistry (if offered), receiving As in the class and a top score on the standardized end-of-course exam.
– Participating in the Chemistry Olympiad (USNCO) and earning national recognition.
– As you said, a chemistry-based research project, even if help is required (internships do not count).

I know a kid that did it and got into Penn.

Will it help you? I dunno. If it’s something you actually like doing and would participate even if you weren’t worrying about college applications, then sure. I personally spent the summer before senior year of college going to the beach, and I still got in shrugs